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ORDINANCE NO. 2012 - 38 <br />AN ORDINANCE OF THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AMENDING <br />SECTIONS 265 -23 AND 265 -25 OF THE LAND <br />DEVELOPOMENT REGULATIONS TO PROVIDE FOR <br />EXTENSION OF PAYMENTS FOR DEVELOPMENT <br />RIGHTS PURCHASED UNDER THE TRANSFER OF <br />DEVELOPMENT RIGHTS ( "TDRs ") AND BONUS <br />PROGRAMS; PROVIDING FOR REPEALER; PROVIDING <br />FOR SEVERABILITY; PROVIDING FOR INCLUSION IN <br />THE CODE; PROVIDING FOR EFFECTIVE DATE. <br />WHEREAS, the City wishes to provide payment extension for purchasers of <br />development rights purchased under the TDRs and Bonus Programs; and <br />WHEREAS, the City Commission wishes to provide for extension of payments for <br />purchased of TDRs and density Bonuses where the City's Finance Director has determined that <br />such extension is beneficial to the City. <br />NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISISON OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Incorporation of Recitals. the foregoing "WHEREAS" clauses are hereby <br />ratified and confirmed as being true and correct and are hereby made a specific part by this <br />Ordinance upon adoption hereof. <br />Section 2. Amendment. Section 265 -23 of the City Code is amended to read as follows: <br />§ 265 -23. G. Establishment of TDR Bank; limitations. <br />(1) TDR Bank. The City Commission may by Resolution adopt procedures for the <br />establishment of a TDR Bank which shall be maintained and operated by the City <br />Manager or designee, for the deposit and withdrawal / /purchase by private developers of <br />development rights and shall be retroactive to all TDR transactions. <br />(d) The City Commission may extend payments due for purchase of TDRs upon the <br />recommendation of the City's Finance Director provided that the payment extension <br />does not negatively impact the financial standing of the City and such extension is <br />beneficial to the City. Any payment extension shall be subject to approval by <br />City Commission. The term of an extension and interest rate shall be recommended <br />to the City Commission by the Finance Director or designee. <br />Section 3. Amendment. Section 265 -25 of the City Code is hereby amended to read as <br />follows: <br />Amending Section 265 -23 & 265 -25 Page 1 of 3 <br />