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<br />515.5 Privately-Owned Sender Sites. <br /> <br />a. Privately owned sender sites (as opposed to a publicly owned <br />sender site) may send floor area or density to a receiver sites, <br />provided that upon the initial transfer from privately owned sender <br />sites, such sites shall result in the accomplishment of a public <br />purpose consistent with the Comprehensive Plan, including, but <br />not limited to, the creation of public parks, plazas and/or open <br />space, the conservation of historic, sensitive, environmental and <br />archeological resources, the protection and enhancement of <br />waterfront, public access corridors not otherwise required by the <br />Land Development Regulations, the erection of public parking <br />garages to serve the town center or the development of public <br />educational facilities and other essential public facilities on the <br />sender site. <br /> <br />b. In furtherance thereof: the entire sender site shall be dedicated to <br />public ownership or preserved for public purpose utilizing a <br />conservation easement or other recordable mechanism as defined <br />further herein below, upon the initial transfer of development <br />rights. Taxes on privately owned sender sites should be paid by <br />the owner, until such dedication or adjusted when such recordable <br />mechanism is executed. The owner of the sender site will be <br />permitted to bank any remaining right on the site for a five (5) year <br />period. <br /> <br />515.6 Transfer of Development Ri~hts from Citr-Owned Property. The cost <br />for development rights from City-Owned property as a transferring site to <br />any approved receiving site shall be as follows: <br /> <br />a. A receiving site shall acquire an up to date appraisal of the <br />property, approved by the City, prior to submitting an application <br />to the City Commission for purchase of development rights from a <br />sender site. The square foot cost of a development right will be <br />based on the build-able square foot cost on the receiving <br />property's appraisal. <br /> <br />515.7 Procedures Pertaining to the Transfer of Development Rights. <br /> <br />a) Application. An applicant for the transfer of development rights from <br />sender site on privately owned land shall file an application with the <br />Director, who shall place the request on the agenda of the City <br /> <br />city of Sunny Isles Beach-Land Development Regulations <br />Adopted December 10, 2002 <br /> <br />CHAPTER 5 - Development Review 500-40 <br />