Resolution LPA 2005-29 - Laserfiche WebLink

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square footage remained unchanged, there would be square footage development rights remaining in the bank despite the fact that the units were deducted. Conversely, if square footage was deducted from the bank and not the equivalent number of units, there would be excess units remaining in the bank. The original permitted level of development on a sending site is a combination of units within a set amount of square footage not a cumulative amount of units AND square footage. Therefore, all deductions from the bank must be based on the "constant" (square feet per unit) When the City Commissi,on approved the Casino property as a sender site, the amount of development rights was based on an FAR of 3.75 and a density of 80 units per acre. Based on the size of the property, the yield was 566,737 square feet and 277 dwelling units which yields a "constant" of 2,045 square feet per unit. Therefore, for every 2,045 square feet purchased from the bank, one dwelling unit would also be deducted. Conversely, for every dwelling unit purchased from the bank, 2,045 square feet would be deducted. Several requests for transfers have already been made and the actual reductions in the bank were based on what was requested and not based on the need for the concurrent, simultaneous decrease in intensity and density. Resolution No. 2004-698 authorized the transfer of 65 dwelling units and 108,483 square feet from the TDR bank to Desert Inn Beach & Tennis Club Association Inc. In order to ensure that the deductions in the bank are concurrent and simultaneous, the square footage equivalent to 65 dwelling units is 132,925 square feet (65 x 2,045). Resolution 2004-740 authorized the transfer of 54 dwelling units and 92,103 square feet from the TRD bank to Royal Development Hol<Lngs LLC. In order to ensure that the deductions from the bank of concurrent and simultaneous, the square footage equivalent of 54 dwelling units is 110,430 square feet (54 x 2045). Finally, Fortune Ocean il.LP is currently requesting the transfer of 59 dwelling units and 129,216 square feet for the Jade Beach II project. In order to ensure that the deductions in the bank are concurrent and simultaneous, the square footage equivalent of 59 dwelling units is 120,655 square feet (59 x 2,045). However, in this case, the applicant needs more square footage that the equivalent number of units. Therefore, in order to transfer 129,216 square feet, the concurrent reduction in the number of dwelling units from the must be 63 (129,216/2,045). As can be seen from the three different applications received to date, in some cases there is more density needed than intensity (Desert Inll and Royal Development) and in some cases more intensity is needed than density Qade II). However, in order ensure that no more development rights are created than what was originally established from the sender site, it is critical that the concurrent and simultaneous reductions occur on both the density and intensity side of the equation. An example of the computation is attached to this memo as attachment A. Attachment