Resolution LPA 2004-14 - Laserfiche WebLink

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in a superior quality of development and open space relationships with high standards for recreational and parking areas. The transfer of these rights shall create a logical and superior pattern of development, which would not otherwise occur if the property were developed without them. It is understood in the case of privately owned sending sites that are donated to the City, if the TORs from that site are banked in the TOR Bank more particularly described in Section 8 hereinbelow, subject to all applicable conditions, limitations and other criteria, including but not limited to those contained in the Comprehensive Plan and this Ordinance, applications for approval of developments using development rights withdrawn from the TDR bank account of a sender site donor through the site plan ap,proval process, shall be approved by the City Commission using good faith. e. Recording of Documents. Prior to issuance of a building permit, documentation evidencing the transfer shall be recorded against the titles to both the sending and receiving sites, as may be applicable, in the Public Records of Miami-Dade County, Florida. An irrevocable covenant running against the receiving site, which shall include the additional FAR(TDR), required parking and all other conditions, restrictions, and obligations imposed as conditions of the approval by the City Commission and the LDRs, shall be recorded against the title to the receiving site, in the Public Records of Miami-Dade County, Florida. The covenant and all other documents recorded pursuant to this Section shall include a warning that the approval of the TDRs shall be extinguished, become null and void and shall be of no further force nor effect in the event no building permit is issued for the receiving site within twenty-four (24) months from the date the Resolution is rendered, and shall contain a statement by which the owner(s) of the receiver site shall agree to bind itself, its successors and assigns with regard to all conditions, restrictions, and obligations contained therein, and, further, shall include a statement prohibiting any changes, amendments, modifications or releases to the document without the prior written approval of the City Manager and the City Attorney after approval by the City Commission at a public hearing. All documents recorded pursuant to this section shall be in a form acceptable to the City Attorney and shall be recorded at the expense of the applicant. Copies of documents recorded pursuant to this Section shall be delivered to the City by the applicant. 8. Section 265-23.7.2 TDR Bank; Establishment of TDR Bank; deposits and withdrawals from TDR Bank; Limitations; The City Commission may by resolution adopt procedures for the establishment of a "TOR Bank" (the Bank") which shall be maintained and conducted by the City Manager or its designee for the deposit and withdrawaVpurchase by private developers of development rights. A fee shall be established by resolution to be paid by the depositor or purchaser for each transaction. No one applicant may purchase more than 50,373 square feet of City-owned TORs remaining in the Bank at the time of application and further providing that no less than 100,000 square feet of 02004-193 Amendment to TDRs Sec. 265-23 9