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The following conversion areas are established:
(a) North Branch Industrial Corridor Conversion Area. The North Branch Industrial Corridor Conversion Area is established pursuant to the North Branch Framework adopted by the Chicago Plan Commission on May 18, 2017, and consists of all parcels with a PMD zoning district classification in Subdistrict A and Subdistrict C in the North Branch Corridor Overlay district, Sec. 17-7-0400, immediately prior to the effective date of this chapter.
(b) Kinzie Industrial Corridor Conversion Area. The Kinzie Industrial Corridor Conversion Area is established pursuant to the Fulton Market Innovation District plan adopted by the Chicago Plan Commission on July 17, 2014, and consists of all parcels with a PMD zoning district classification in the Kinzie Corridor Overlay district, Section 17-7-0450, immediately prior to the effective date of this amendment.
(Added Coun. J. 7-26-17, p. 53898, § 1; Amend Coun. J. 11-21-17, p. 62501, § 1)
A separate fund is hereby established and designated the Industrial Corridor System Fund into which 100% of the funds collected from any rezoning under this chapter will be deposited. The revenues of the Industrial Corridor System Fund shall be reserved and utilized exclusively in accordance with this chapter.
(Added Coun. J. 7-26-17, p. 53898, § 1)
The purpose of this chapter is to mitigate the loss of industrial land and facilities in conversion areas by generating funds for investment in receiving corridors in order to preserve and enhance the city's industrial base, support new and expanding industrial uses, and ensure a stable future for manufacturing and industrial employment in Chicago. The legislative intent of this chapter is to promote the city's vital interests in job creation and a diversified economy.
(Added Coun. J. 7-26-17, p. 53898, § 1)
(a) The provisions of this chapter shall apply to all rezonings in conversion areas.
(b) If a rezoning, as defined in Section 16-8-020, includes a character building, as defined in the applicable Industrial Corridor Overlay District of Chapter 17-7, and such character building will be maintained, reused or rehabilitated, such a rezoning is not subject to the conversion fee, as defined in Section 16-8-020. However, such conversion fee-exempted rezonings are subject to the following:
(i) The rezoning must be reviewed as either a Type I application, pursuant to Section 17-13-0302-A, or a planned development, pursuant to Section 17-13-0600.
(ii) The building height of any character building which is maintained, or other existing, non-character building, which is maintained, may not be increased by more than 10 feet, building height increases pursuant to Section 17-3-0408-B are not permitted.
(iii) The cumulative building coverage of all character buildings which are maintained, or other existing, non-character buildings which are maintained, may not be increased by more than 10 percent.
(iv) The floor area ratio may be no greater than that which is necessary to maintain, reuse or rehabilitate character buildings, and other existing, non-character buildings, or that which is necessary to provide improvements to character buildings, and other existing, non-character buildings, as contemplated in Sections 16-8-070(b)(ii) and 16-8-070(b)(iii).
(v) The rezoning is not eligible for the bonus floor area described in Sections 17-7-0406 or 17-7-0455. However, floor area ratio increases achieved pursuant to Sections 17-3-0403-B, 17-3-0403-C, 17-4-0405-C or 17-4-0405-D are allowed.
(vi) The character building must be declared, and remain, an official Chicago Landmark and the zoning lot or lots subject to the rezoning must adhere to the requirements of this Section 16-8-070(b) for the lesser or 40 years from the date of the final action by the City Council on the rezoning application or the elimination of the applicable conversion area as further described in Section 16-8-030.
(vii) Italicized terms used in this section indicate terms defined in Title 17 of the Municipal Code of Chicago, the Chicago Zoning Ordinance.
(Added Coun. J. 7-26-17, p. 53898, § 1; Amend Coun. J. 12-16-20, p. 25562, § 1)
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