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Section 2. Authorizing the Transfer of Development Rights. Pursuant to Section 265-23 of the <br /> City Code and in accordance with Zoning Resolution No.a Z•1(o(the City Commission hereby <br /> authorizes the Transfer of Development Rights ("TDRs") in the amount of Twenty Seven <br /> Thousand One Hundred Forty Seven (27,147) square feet of floor area and Zero (0) dwelling units <br /> to A3 Development, LLC. a/k/a The Estates at Acqualina from the City's TDR bank account. <br /> Section 3. Directive to Zoning Administrator. The Zoning Administrator or designee is hereby <br /> directed to transfer the development rights from the City's TDR Bank to A3 Development, LLC. <br /> a/k/a The Estates at Acqualina in accordance with Zoning Resolution No.l'(•Z•1 <br /> Section 4. Authorizing the Adjustment and Modification of TDRs. The Zoning Administrator <br /> is hereby authorize to adjust by decreasing the City's TDR bank account by Twenty Seven <br /> Thousand One Hundred Forty Seven (27,147) square feet of floor area and Thirteen (13) dwelling <br /> units. <br /> Section 5. Authorizing Payment Agreement of the Transfer of Development Rights. The <br /> Applicant shall provide the City with a non-refundable deposit in the amount Three Hundred Thirty <br /> Nine Thousand Three Hundred Thirty Seven Dollars ($339,337.50), which is 10%of the approved <br /> purchase price of Three Million Three Hundred Ninety Three Thousand Three Hundred Seventy <br /> Five Dollars ($3,393,375.00) within three (3) working days of the approval of this Resolution. The <br /> remainder of the payment is due prior to issuance of the building permit for the site plan approved <br /> in accordance with Zoning Resolution No. (%•Z•((i. <br /> Section 6. Authority of the City Manager and City Attorney. The City Manager and City <br /> Attorney are hereby authorized to do all things necessary to effectuate this Resolution. <br /> Section 7. Effective Date. This Resolution shall become effective upon adoption. <br /> PASSED AND ADOPTED this 19th day of April, 2018. <br /> George "E ud" Scholl, Mayor <br /> ATT -.T: <br /> It <br /> Maurici• Betanc ir,City Clerk, CMC <br /> A3 Development,LLC a/k/a Estates at Acqualina-City 1 DR Bank Page 2 of 3 <br />