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<br />(b) Limitations. No one applicant may purchase more than 50,373 square feet of City-owned <br />TDRs from the Bank and further providing that no less than 100,000 square feet of City-owned <br />transferable development rights shall remain in the Bank for potential future use by the City for <br />the specific benefit of the City and for City-designated purposes. <br /> <br />A developer may purchase TDRs from the TDR Bank only pursuant to a City Commission <br />resolution issued by the City Commission in its sole discretion pursuant to Sec. 265-23.7 and all <br />other applicable provisions of this Section. <br /> <br />(c) Privately owned sender sites. All development rights from privately owned sender sites <br />conveyed to the City shall be deposited in the TDR Bank as provided in this subsection. <br />Withdrawals ofTDRs from the Bank must occur no later than five (5) years from the date of the <br />City Commission action approving the applicable sending site in accordance with Section 265- <br />23.3 (c)( 5) hereinabove. Each depositor at time of initial deposit, shall execute a written waiver <br />of its rights, if any, to assert any claim to those development rights except as specifically <br />permitted by the terms of this Ordinance. All requirements of this Section shall be met prior to <br />the actual transfer (withdrawal) of development rights from the Bank. <br /> <br />Section 2. <br /> <br />Repealer. <br /> <br />Except as provided in Section 265-23.7f hereinabove, all ordinances or parts of ordinances in <br />conflict herewith be and the same are hereby repealed except that this amendment shall not apply <br />to previously approved TDR's which transfers shall be accomplished in accordance with the <br />terms ofthe ordinance in effect at the time of said transfer. <br /> <br />Section 3. <br /> <br />Severability. <br /> <br />If any provision of this Ordinance is for any reason held invalid or unconstitutional by any court <br />of competent jurisdiction such provision shall be deemed a separate, district, and independent <br />provision and such holding shall not affect the validity ofthe remaining provisions. <br /> <br />Section 4. <br /> <br />Effective Date. <br /> <br />This Ordinance is effective ten (10) days after its adoption on second reading. <br /> <br />PASSED and ADOPTED on first reading the J <<5t-day of A ~ ' 2004. <br />PASSED and ADOPTED on second reading this ~ay of A~ ,2004. <br /> <br /> <br />02004-3/18 Amendment to TDRs -- Sec. 265-23 11 <br />LMD:ch format 4/30/2004 -- 4:39 PM <br />