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Under this site plan modification, the Applicant is seeking to purchase and assign <br />TDR's in the amount of 308 square feet of FAR and zero (0) dwelling units. The <br />assignment and payment for the additional TDRs shall be as per Condition No. 2 <br />stipulated in Section VII. Please note that one (1) dwelling unit in the City's TDR <br />bank is equivalent to 1,997 square feet of floor area. <br />Price of TDRs <br />The appraisal report done by Appraisal First Real Estate Appraisers, LLC. Date <br />stamped January 6th, 2022, reflects the square foot market value of the subject <br />property (17749 Collins Ave) as One Hundred Twenty-five Dollars ($125.00) of <br />allowable FAR. The Applicant has agreed to pay the square foot value of One <br />Hundred and Twenty -Five Dollars ($125.00). <br />Thus, the total TDR purchase is Thirty -Eight Thousand Five Hundred Dollars <br />($38,500.00). Please refer to Condition No. 2 in Section VII. <br />The effect of the TDRs purchase and approval on the project would be an increase <br />in intensity (square footage). <br />3. Traffic Engineering — Not applicable <br />4. Landscaping Architect — Not applicable <br />5. Civil Engineering — Not applicable <br />VI.FINAL ANALYSIS <br />Based on the above review by City Staff, the application is consistent with the City's <br />Comprehensive Plan and the City's Land Development Regulations. The site plan <br />modification requesting an increase of 308 square feet of FAR, will only affect Unit 1101 <br />increasing the overall FAR of the unit from 4,609 square feet to 4,917 square feet of FAR. <br />The Applicant has not requested any variances as part of this application. <br />Staff has reviewed the application requests and has no objection if all conditions are <br />accepted. <br />VII. CONDITIONS <br />If the City approves this application, the application will be subject to the following <br />conditions set forth in Section VII. <br />Conditions to be completed before demolition, below grade or building permits are <br />issued. <br />1. That the plans in the approval be substantially in accordance with that submitted for <br />public hearing, which are entitled "Terrace Conversion for: Unit #1101", prepared by <br />Ramos Architects & Associates stamped received December 22, 2021, consisting of 2 <br />31 <br />