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<br />Section 515: Transfen of Development Rights. <br /> <br />515.1 J>w:poses and Applicability <br /> <br />This article is intended to provide for greater flexibility in the pattern of <br />development by allowing for the transfer of development rights (unused <br />floor area and density) from one parcel to another where preservation of <br />open space, natural resources, historical and archeological resources, <br />preservation of view corridors, concentration of public parking, provision <br />of educational or public purpose objective may be achieved through such <br />shifts in the development pattem <br /> <br />515.2 Definitions: <br /> <br />Development Rights - A development right is an appurtenant right of <br />land ownership that has an economic value separate from the land itselt: <br />subject to reasonable regulation by local government under its police <br />power. As referred to herein, such development right being density or <br />intensity can be transferred from a sender site as defined below, by the <br />owner of that site, to a receiving site also defined below, through gift or <br />sale. <br /> <br />Director - Director is defined as the City Manager, or his designee, as <br />may be amended from time to time by the City Manager. <br /> <br />LDR - Land development regulations of the City of Sunny Isles Beach <br />consistent with the Comprehensive Plan of the City of Sunny Isles Beach. <br /> <br />Receiver Sites -- Parcels of land located within one of the approved <br />districts as set forth herein below to which development rights may be <br />transferred and used. <br /> <br />Sender Sites -- Parcels of land located in which development rights can <br />be severed, to be transfer to a receiver site. <br /> <br />Sever -- The removal or separation of a development right from the <br />bundle of property rights possessed by an owner of real property. The <br />term connotes a removal or separation, in perpetuity, as distinguished <br />from a restriction or limitation, which may be overridden, deleted or is <br />subject to a time frame. <br /> <br />515.3 Computation of Transfer of Development Rights. Owners of parcels <br />in the "Receiver Districts" transferring development rights may transfer <br />intensity or density from a sender site. Provided however, that such <br /> <br />city of Sunny Isles Beach-Land Development Regulations <br />Adopted December 10. 2002 <br /> <br />CHAPTER 5 - Development Review 508-38 <br />