Pursuant to the authority set forth in § 7-738 of the Village Law, upon application by a property owner or contract vendee, the Board of Trustees may authorize the Planning Board of the Village of Old Westbury to modify the normally applicable zoning requirements in the B-4 Residence District so as to permit lot averaging. Such authorization shall be granted only where the Board of Trustees determines that such modification would benefit the Village by virtue of improved subdivision design, environmental protection, increased groundwater recharge, increased open space preservation, the protection of significant site features, better buffer screening and such other similar objectives of this chapter and of § 7-738 of the Village Law, provided that the following criteria are met:
A. The number of building lots or dwelling units which may be permitted by the Planning Board on any property proposed for lot averaging shall be determined by dividing the total area of the property (in acres) by four and rounding down to the nearest whole number; and
B. No individual lot shall be less than three acres in area, unless a landmarked structure is involved, in which event the Board of Trustees may establish an appropriate lot area for such structure, which lot area is not to be less than one acre.
[Amended 10-18-2004 by L.L. No. 3-2004]