Resolution LPA 2005-29 - Laserfiche WebLink

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When the City Commission approved the Property A as a sender site, the amount of development rights was based on an FAR of 3.5 and a density of 60 units per acre. Based on the size of the property, the yield WJS 609,840 square feet and 240 dwelling units which yields a "constant" of 2,541 square feet per unit. Therefore, for every 2,541 square feet purchased from the bank, one dwelling unit would also be deducted. Conversely, for every dwelling unit purchased from the bank, 2,541 square feet would be deducted. Applicant No.1 requests the transfer of 72 dwelling units and 133,000 square feet from the TDR bank. In order to ensure that the deductions in the bank are concurrent and simultaneous, the square footage equivalent to 72 dwelling units is 182,952 square feet (72 x 2,541). Although only 133,000 square feet is requested, 182,952 must be deducted from the bank. Applicant No.2 requests the transfer of 112 dwelling units and 230, 00 square feet from the TDR bank. In order to ensure that the deductions from the bank of concurrent and simultaneous, the square footage equivalent of 112 dwelling units is 284,592 square feet (112 x 2,541). Applicant No.3 requests the transfer of 38 dwelling units and 142,296 square feet. In order to ensure that the deductions in the bank are concurrent and simultaneous, the square footage equivalent of 38 dv'elling units is 96,558 square feet (38 x 2,541). However, in this case, the applicant needs more square footage that the equivalent number of units. Therefore, in order to transfer 142,296 square feet, the concurrent reduction in the number of dwelling units from the must be 56 (142,296/2,541). Square Feet Units Sq. Ft. per unit Sender Site 609,840 240 2,541 Applicant No. 1 182,952 72 2,541 Balance 426,888 168 Applicant No.2 284,592 112 2,541 Balance 142,296 56 Applicant No.3 142,296 56 2,541 Balance 0 0 Attachment A