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<br />Section 8. TDR Bank. <br /> <br />1. Section 515.7.2 should read as follows: <br /> <br />TDR Bank <br /> <br />The City may create and administer a "bank" for unused development rights to facilitate the sale and <br />transfer development rights. The City Commission may impose a fee for banking development rights <br />for private developers. The administration of the bank shall be conducted by the City Manager or <br />designee and the procedures and charges for such administration may be established by resolution. <br /> <br />a. Privately owned sender sites. <br />Development rights that are not actually utilized from a privately owned sender site upon <br />conveyance of the site to the City shall be deposited in the TDR bank. Withdrawals from that <br />bank must occur within the five year time frame as set forth in Section 515.3 b. ii <br />hereinabove and such owner shall waive any all rights to assert any claim to those rights <br />except as specifically permitted by the terms of this Ordinance. All requirements of this <br />Ordinance shall be met prior to the actual transfer (withdrawal) of development rights. <br /> <br />b. City owned sender sites. <br />Upon the adoption of this Ordinance. the City shall deposit all development rights (in terms <br />of square footage) from its sender sites in the TDR bank for distribution and transfer in <br />accordance with the procedures set forth in this Ordinance subiect to all limitations of this <br />ordinance except the five year limitation. <br /> <br />Section 10. Repealer. <br /> <br />All ordinances or parts of ordinances in conflict herewith be and the same are hereby repealed. <br />Section 515 of the Land Development Regulations is hereby repealed. <br /> <br />Section 11. Severability. <br /> <br />If any provision of this Ordinance is for any reason held invalid or unconstitutional by any court of <br />competent jurisdiction such provision shall be deemed a separate, district, and independent provision <br />and such holding shall not affect the validity of the remaining provisions. <br /> <br />Section 12. Effective Date. <br /> <br />This Ordinance is effective ten (10) days after its adoption on second reading. <br /> <br />PASSED and ADOPTED on first reading the 28th day of August, 2003 <br /> <br />PASSED and ADOPTED on second reading this ~ay of ~2003 <br /> <br />Amendment of Section 515 <br /> <br />9 <br /> <br />9/24/2003 2:53 PM <br />