Resolution LPA 2005-29 - Laserfiche WebLink

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set forth herein and in the City's Comprehensive Plan. b. _Cost of Transferable Development Rights from City:-06wned Sites: {l} _Appraisal. -::At the time of approval of the TDRs, the City Commission may-shall consider the acceptance of the appraised land value for the RFeceiving .s.site as follows: the cost for a square foot of development right shall be determined by the market value of the Receivingef Site as determined by a current real estate appraisal (updated no more than three months from date the application is heard at a public hearing) prepared for the City by an appraiser, selected by the City Manager, but paid for by the owner of the Rfeceiving .s.site. The appraisal amount shall then be divided by the permitted floor area ratio including bonuses on the Receiver Site. Since the issuance of Ceity- owned TDRs shall be from a TDR Bank, as described herein, the formula ~set forth in 265 23.1((1) above shall be applied shall be te-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 of ten (10%) per cent (10%) of cost of City-owned TDRs, which shall be paid within three (3) working days of date of City Commission approval of the application. Failure to make such deposit within the prescribed time frame shall result in an automatic voiding of the City Commission approval. e. Transferable Deyelapment Rights fram a PriYately Owned Sender Site; Receipt af TDRs by a Privately Owned Receiver Site. I. In the case of privately o',vned sites, the City shall determine the floor area ratio and density on the site based on the existing zoning. In cases '.vhere a privately o'.vned site of greater than three (3) acres of frontage along Collins .'\venue, 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 ov:ner of the Sender Site shall either commit to pro':ide public impro'/ements in accordance '.vith a design approved by the City Commission or shall fufld said improyements as a condition of afld no later than the actual transfer of the TDRs. Notwithstaflding 02001 21& Amd TDRs Sec. 265 23U:\Citv Clerk\Ordinances\Drafts\Draft 02005- TDR Amend 02004-218 Marked 9 2nd Rdg.docU:'u\TTORNEY\.^.ssicnmeRts\2005\.^.05 RevisioFlS to Ordinance No 2001 218 (TDR Ordinanee)\w02 TDRamendcdordiniance chances 5 9 05 SheIley.doeC:\Docl:lments and Settinl::s\shelley\Local SettiRgs\Temporary Intern"t Files\OLK98'm02 TDRamendedordiniance changes 5 9 05.docU:\.^.TTORNBY\.^.ssigRlT-lents\20Q5\.^.05 Revisions to Ordinance No 2001 218 (TDR OrdinaRce)\w02 TDRamendedordiniance chances EN'^' 5 5 05.deeC:\Documents and Settings\Home 1 \My DOCl:unents\Shelley\TDRamendedordiniance changes.doc