Laserfiche WebLink
<br />Preview <br /> <br />Page 2 of3 <br /> <br />the following additional bonuses to promote development in the City: <br /> <br />FAR TABLE <br /> <br />CURRENT BONUSES FAR FOR CURRENT FAR FOR PROPOSED <br /> BONUSES NEW BONUSES <br />Beach Access .1 .1 <br />Beach Trust Fund .2 .2 <br />Beach Enhancement .5 .6 <br />Streetscape .3 .6 <br />Public Park .2 .2 <br />Parking .2 .2 <br />Educational & Cultural 0 .2 <br />Bonuses <br />Total Bonuses 1.5 2.1 <br />Base FAR 2.5 2.5 <br />Maximum FAR without 4.0 4.6 <br />TDRs <br /> <br />Illustration <br /> <br />According to the table above, under the current bonus system, a project can achieve a <br />maximum FAR of 4.0. Under the proposed bonus system, a project can achieve a <br />maximum FAR of 4.6. The maximum FAR can also be increased by 30% via the <br />purchase of Transfer of Development Rights ("TDRs"). With the purchase of TDRs, the <br />maximum FAR under the current system is 5.2 (4.0 x 30%), whereas under the proposed <br />bonus system the maximum FAR will be 5.98 (4.6 x 30%). To illustrate how the <br />maximum FAR is translated to square footage, we can use a typical one (1) acre site as an <br />example. An acre is equal to 43,560 square feet. Under the current FAR system, a <br />developer is entitled to build 226,512 (5.2 x 43,560) square feet within the site. Similarly, <br />under the proposed FAR system, a developer with a one (1) acre site will be able to build <br />260,488 (5.98 x 43,560) square feet within the lot. It is important to note that FAR does <br />not increase the number of units, but the size of the units in MUR District. The <br />Comprehensive Plan caps density for condominiums in the MUR at 80 units per acre, and <br />125 units per acre for Apartment/Hotel. <br /> <br />It is important to note that the bonus program has generated for the City an average of $1 <br />Million Dollars per project based on historical data. <br /> <br />Additional Revisions for MUR_DisJr:icJ <br /> <br />In addition to the revisions to the bonus program, the proposed Ordinance provides for <br />height restriction to be governed by Federal Aviation Administration ("FAA") <br />regulations. These regulations have governed height of buildings on the east side. The <br />revision is merely to make the Code consistent with past practice. Further, the proposed <br />Ordinance provides for an elevated connecting pedestrian bridge between adjacent <br />development projects that have a commonality of interest. <br /> <br />Revisions to Town Center Distric:t <br /> <br />http://sibagenda.sibfl.net/agenda/Preview.aspx?ItemID=636&MeetingID=O&MeetingDate... 11/9/2011 <br />