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<br />r <br /> <br />City-owned transferable development rights shall remain in the bank for potential future use by <br />the City for the specific benefit of the City and for City-designated purposes. <br /> <br />A developer may purchase TORs from the TOR Bank only pursuant to a City Commission <br />resolution issued by the City Commission in its sole discretion pursuant to Sec. 265-23.7 and all <br />other applicable provisions of this Section. The Bank Statement attached as Exhibit "A" to each <br />City Commission resolution authorizing the TOR's shall reflect approved sites and the units of <br />TDR's attributable to each site. The Bank Statement shall be amended administratively and dated <br />each time transfers are made in accordance with this Section. <br /> <br />a. Privately owned sender sites. Development rights not utilized at the time title to a privately <br />owned se~der site is conveyed to the City shall be deposited in the TOR Bank as provided in this <br />subsection. Withdrawals from the Bank must occur no later than five (5) years after the initial <br />deposit is made, in accordance with Section 265-23.3 (c)(5) hereinabove. Each depositor at time <br />of initial deposit, shall execute a written waiver of its rights, if any, to assert any claim to those <br />development rights except as specifically permitted by the terms of this Ordinance. All <br />requirements of this Section shall be met prior to the actual transfer (withdrawal) of development <br />rights. <br /> <br />Section 2. <br /> <br />Repealer. <br /> <br />All ordinances or parts of ordinances in conflict herewith be and the same are hereby repealed <br />except that this amendment shall not apply to previously approved TOR's which transfers shall <br />be accomplished in accordance with the terms of the ordinance in effect at the time of said <br />transfer. <br /> <br />Section 3. <br /> <br />Severability. <br /> <br />If any provision of this Ordinance is for any reason held invalid or unconstitutional by any court <br />of competent jurisdiction such provision shall be deemed a separate, district, and independent <br />provision and such holding shall not affect the validity of the remaining provisions. <br /> <br />Section 4. <br /> <br />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 ~~ay of, \~, 2004. <br /> <br /> <br />PASSED and ADOPTED on second reading this 1<1+-aay of F~~, 2004. <br /> <br /> <br />02004-193 Amendment to TDRs Sec. 265-23 <br /> <br />10 <br />