Ordinance 2003-179 - Laserfiche WebLink

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d. Cost of Transferable Development Rights Issued by Private Owners: Upon receiving approval by the City Commission. which approval is in its sole discretion. the sender site as a site acceptable for the use as a public property. the price of the transferable development rights shall be determined by the private owners. Section 515.5, should read as follows: a. Development Limitations Upon Privatelv Owned Sendine Sites, Prior to exercise of the transferable development rights issued by a transferee (the receiving site) pursuant to this section. the property owner of the sending site (transferor) shall deliver to the City a current survey. a warranty deed conveying good. marketable and insurable title along with a Form B title policy pertaining to the sending site. once staff has determined it wishes to accept that site and the City Commission has subsequently approved such acceptance as recreational other approved public pur:pose use. or open space use in accordance with the expressed intent of this Ordinance. Upon approval by the City Commission and receipt of conveyance documents and title insurance policy by the City. correction of any outdoor code violations and payment of all fines due and owing to the City. then and onl y in that event shall the City authorize the release of the transferable development rights and document same in its records. Notwithstanding the foregoing. the property owner of the sending site may dedicate the sender site by perpetual deed restriction or easement. in a form acceptable to the City. b. Development Limitations Upon Receivine Sites. b Within the receiving districts. development rights shall be limited by a combination of the underlying zoning regulations. approved bonuses and allowable development rights transferable to the land in the receiving districts. Notwithstanding anything to the contrary. and in accordance with the Comprehensive Plan. neither the transferable density or intensity of permitted uses shall not exceed thirty percent (30%) of the maximum residential density permitted on the receiver site and in no case shall the resulting density bonus increases on any given receiver site exceed the number of dwelling units attainable on the sender site(s) under these plan provisions so as to assure no net increase in City-wide residential dwelling unit Comprehensive Plan capacities occurs. Likewise. the maximum amount of undeveloped floor area that may be transferred from a sender site to a site within the receiving district shall not exceed (30% ) of the receiving seftding site based on the base floor area ratio plus bonuses allowable at the time of the adoption of the Development Regulations. Amendment of Section 515 5 9125/2003 12:28 PM