Resolution LPA 2004-17 - Laserfiche WebLink

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dividing the permitted floor area of the sending site by the permitted density on said sending site. Only whole units may be purchased and transferred to the receiving site. The foregoing, however, is subject to all limitations set forth herein and in the City's Comprehensive Plan. b. Cost of Transferable Development Rights from City owned Sites: 1. Appraisal. At the time of approval of the TDRs, the City Commission may consider the acceptance of the appraised land value for the receiving site as follows: the cost for a square foot of development right shall be determined by the market value of the receiver site as determined by a current real estate appraisal prepared for the City by an appraiser, selected by the City Manager, but paid for by the owner of the receiving site. The appraisal amount shall then be divided by the permitted floor area ratio including bonuses on the receiver site. Since the issuance of city-owned TDRs shall be from a TDR Bank, as described herein, the formula set forth in 265-23.4(a) above shall be applied to the totality of the banked square footage divided by the allowable density based on the underlying zoning. 2. Non-Refundable Deposit. Approval of Receiving Site shall be subject to payment of a non-refundable deposit often (10%) per cent of cost of City-owned TDRs, which shall be paid within three (3) days of date of City Commission approval. Failure to make such deposit within the prescribed time frame shall result in an automatic voiding of the Commission approval. c. Transferable Development Rights from Privately Owned Sender Sites. In the case of privately owned sites, the City shall determine the floor area ratio and density on the site based on the existing zoning. In cases where a privately owned site of greater than three (3) acres of frontage along Collins Avenue, in the Town Center, is offered to the City, for the purposes set forth herein, the City may accept said sender site and may provide to the owner the maximum density of 80 units per acre and a maximum floor area ratio of 3.75 provided the owner of the sender site shall either commit to provide public improvements in accordance with a design approved by the City Commission or shall fund said improvements as a condition of and no later than the actual transfer of the TDRs. Notwithstanding anything to the contrary, the property owner conveying the approved sender site shall have up to five (5) years to utilize such development rights in accordance with Section 3 c. (5) hereinabove. It is understood that the development rights to be transferred to a receiving site shall be approved by the City Commission through the site plan approval process as specified herein and as otherwise provided in this Section 265-23. d. Cost of Transferable Development Rights Issued by Private Owners From Privately Owned Sender Sites: The price of TDRs from approved privately owned sender sites shall be determined by the private owners. 02004-3/18 Amendment to TDRs -- Sec. 265-23 LMD:ch format 4/30/2004 -- 4:35 PM 6