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(a) An annual fee shall be established by resolution to be paid to the City by <br /> the depositor of privately owned TDRs or purchase for each transaction, to <br /> extend the time frame for withdrawals from the TDR Bank. <br /> (2) Time limitations on private TDR transactions. All privately owned development <br /> rights shall be deposited in the TDR Bank as provided in this subsection. <br /> Withdrawals of TDRs from the TDR Bank must occur no later than five years <br /> from the date of the City Commission action approving the applicable sending site <br /> in accordance with § 265-23C(3)(f) hereinabove, unless the time frame for <br /> withdrawals is extended pursuant to §265-23 (G) (1) (a). Each depositor, at time <br /> •• - -• • , • - - . . . - .• - • •:- if any, to assert any <br /> • - • • - _ - " =.. . . Private TDRs <br /> shall be utilized within five years from the date of withdrawal from the TDR Bank <br /> provided that no extension is granted. -- • . • . - -- <br /> •- . • • • •. - . • . - DRs for a period up to two years. If an• <br /> extension is granted, the City Commission has the authority to impose an <br /> .. - <br /> 1,111 t - - .•Section 3. Severability. The provisions of this Ordinance are declared to be severable and <br /> if any section, sentence, clause or phrase of this Ordinance shall for any reason be held to be <br /> invalid or unconstitutional, such decision shall not affect the validity of the remaining sections, <br /> sentences, clause, and phrases of this Ordinance but they shall remain in effect, it being the <br /> legislative intent that this Ordinance shall stand notwithstanding the invalidity of any part. <br /> Section 4. Inclusion In The Code. It is the intention of the City Commission, and it is hereby <br /> ordained that the provisions of this Ordinance shall become and made a part of the City of Sunny <br /> Isles Beach Code; that the sections of this Ordinance may be renumbered or re-lettered to <br /> accomplish such intentions; and that the word "Ordinance" shall be changed to "Section" or other <br /> appropriate word, as required. <br /> Section 5. Repealer. All ordinances or part of ordinances in conflict herewith be and the <br /> same are hereby repealed <br /> Section 6. Effective Date. This Ordinance shall become effective upon adoption on second <br /> reading. <br /> PASSED and ADOPTED on first reading the 1-141" day of 2014. <br /> PASSED and ADOPTED on second reading the k 544' day of a.&.4, 2014. <br /> N•. an S. Edelcup, Mayor <br />