Zoning Resolution 26-Z-221 - Laserfiche WebLink

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January 15, 2026 PZ2025-08 (*) non -monetary floor area ratio bonus The FAR bonus program consists of participation units, which in this case are equal to 36 participation bonus units (where each participation unit has a value of 0.05 FAR). In detail, the bonus formula is the lot size (acres), times the participation units, times the price of the participation unit, for this case is as follows: 2.012419651 (acres) x 36 (participation units) x $200, 000 (price/participation unit) _ $14,489,421.49 The total contribution for all Floor Area Ratio bonuses for the development is $14,489,421.49 for a total increase of 2.1 FAR or 184,088.10 square feet of FAR and 60 dwelling units. The Applicant, its successors or assigns, shall provide the City with a non-refundable deposit in the amount of ten percent (10%) of the approved purchased price of $14,489,421.49 for the FAR bonuses acquired from the City. The total amount of the deposit is $1,448,942.15. Failure to pay the required deposit within the three (3) working days of approval of the site plan application shall result in an automatic voiding of the City Commission site plan approval. The Applicant is proposing to enter into an installment payment plan, in the form of a Promissory Note, in accordance with the City Code for the remaining balance (90%). If approved, this agreement shall be executed prior to below grade or master building permit of the project. Applicant has acknowledged that the bonus participation unit rates may change prior to the issuance of the building permit for the proposed project. If the bonus participation unit rates increase prior to the issuance of a building permit, the Applicant, its successors or assigns, shall (a) increase the total purchase price of the bonus units being acquired hereunder to account for the new unit rates and (b) remit to the City a true -up deposit for 10% of the positive difference between the new total purchase price for the bonus units after accounting for the new unit rates over the total purchase price for the bonus units determined in this resolution. This true -up payment will be made by the Applicant within three (3) working days of receipt by the Applicant of notice from the City of the"increase of the bonus participation unit rates. Finally, any financing of the purchase price of bonus units approved in this resolution shall apply to the updated purchase price determined by the new bonus unit rates and the note evidencing such financing shall be modified accordingly. 10.That the Applicant shall submit evidence of purchase of the 120,972.18 square feet of floor area and 48 dwelling units of TDRs purchased from the City's Public TDR Bank. That the Applicant provides the City with a non-refundable deposit in the amount of ten percent (10%) of the approved purchased price of $15,121,522.50 for the TDRs. The total amount of the deposit is $1,512,152.25. Failure to pay the required deposit within the three (3) working days of approval of the TDRs application and site plan application shall result in an automatic voiding of the City Commission approval of the Receiving Site, transfer of TDRs, and site plan approval. The Applicant is proposing to enter into an installment payment plan, in the form of a Promissory Note, in Page 12 of 18 22