New Orleans Comprehensive Zoning Ordinance
Printed: 9/28/2023 9:01:33 AM
17.5.D.1 Public Park/Open Space Benefit Formula
Floor area bonuses for one-time financial contributions to acquire public parks and open spaces or to make improvements to public parks and open spaces are to be based on the following:
a. The financial contribution required for each square foot of bonus floor area shall be equal to eighty percent (80%) of the median cost of one (1) square foot of land within the Central Business District, as geographically defined below in Section 17.5.D.2.
b. The cost of land in the Central Business District, as geographically defined below in Section 17.5.D.2, shall be determined based on the average sale price for land within the most recent five (5) years, as provided by the City. In the event that fewer than three (3) such sale prices are available in the most recent five (5) years, the land value of parcels of land that are not developed with structures within the Central Business District, as provided by the Orleans Parish Assessor, may be used to determine the average cost of land for the purposes of this section.
c. The maximum bonus that may be obtained is equal to twenty percent (20%) of the base Floor Area Ratio.