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Under this site plan modification, the Applicant is seeking to purchase TDR's in the <br />amount of 283 square feet of FAR and zero (0) dwelling units. The assignment and <br />payment for the additional TDRs shall be as per Condition No. 2 stipulated in <br />Section VII. Please note that one (1) dwelling unit in the City's TDR bank is <br />equivalent to 1,997 square feet of floor area. <br />Pursuant to Resolution 2018-2840, the City approved a Land Donation and <br />Transfer of Development Rights Agreement between the City and Navarro <br />("Navarro Agreement"), which requires the City to sell the private TDRs held in <br />favor of Navarro before the City can sell any TDRs held in the City's public TDR <br />account. This TDR transaction will utilize the sale of TDRs from the Navarro Private <br />TDR account in the amount of 283 square feet of FAR and zero (0) dwelling units. <br />Price of TDRs <br />Pursuant to Resolution 2018-2840, the The Applicant has agreed to pay the square <br />foot value of One Hundred and Twenty -Five Dollars ($125.00). The price of One <br />Hundred and Twenty -Five Dollars ($125.00) per square foot is consistent with the <br />Guaranteed Maximum Price the City agreed to sell Navarro's TDRs pursuant to <br />Resolution No. 2018-2840, the Navarro Agreement. <br />Thus, the total TDR purchase is Thirty -Five Thousand Three Hundred Seventy - <br />Five Dollars ($35,375.00). Please refer to Condition No. 2 in Section VII. <br />The effect of the TDRs purchase and approval on the project would be an increase <br />in intensity (square footage). <br />3. Traffic Engineering — Not applicable <br />4. Landscaping Architect — Not applicable <br />5. Civil Engineering — Not applicable <br />VI.FINAL ANALYSIS <br />Based on the above review by City Staff, the application is consistent with the City's <br />Comprehensive Plan and the City's Land Development Regulations. The site plan <br />modification requesting an increase of 283 square feet of FAR, will only affect Unit 4301 <br />increasing the overall FAR of the unit from 8,457 square feet to 8,740 square feet of FAR. <br />The Applicant has not requested any variances as part of this application. <br />Staff has reviewed the application requests and has no objection if all conditions are <br />accepted. <br />VII. CONDITIONS <br />If the City approves this application, the application will be subject to the following <br />conditions set forth in Section VII. <br />0 <br />