This section shall apply to any tract of land containing designated open space that is developed as a unit in single ownership and where the area of the designated open space claimed as lot area for zoning computation does not exceed the area of that portion of the tract of land not located within designated open space. Such a tract of land may contain a single zoning lot or two or more zoning lots which are contiguous or would be contiguous except for their separation by a street.
In all Residence Districts, except R1-1 Districts, for all permitted residential uses on such tract of land, the total floor area or dwelling units generated by that portion of the designated open space claimed as lot area by the applicable district regulations may be distributed without regard for zoning lot lines, for all zoning lots wholly within such tract of land. The total open space required or lot coverage permitted for such tract of land may be located anywhere within the tract of land without regard for zoning lot lines.
No transfer of floor area or dwelling units shall be permitted from a zoning lot not containing any designated open space.
The site plan and bulk distribution for the entire tract of land shall be recorded in the land records and indexed against all zoning lots in such tract of land.
Furthermore, the minimum lot area and lot width regulations, yards and spacing between buildings regulations shall not apply along portions of streets or lot lines wholly within such tract of land, provided that:
(a) the maximum lot coverage on any zoning lot shall not exceed 50 percent of the lot area;
(b) the minimum distance between buildings on the same or adjacent zoning lots across a common side lot line is not less than 10 feet; and
(c) the minimum distance between buildings on adjacent zoning lots across a common rear lot line shall not be less than 40 feet.