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<br />(a) TDR Bank. The City Commission may by resolution adopt procedures for the <br />establishment of a "TDR Bank" (the Bank") which shall be maintained and operated by the <br />City Manager or its designee for the deposit and withdrawal/purchase by private developers of <br />development rights and shall be retroactive to all TDR transactions. <br /> <br />(i) A fee shall be established by resolution to be paid by the depositor or purchaser for each <br />transaction. <br /> <br />(ii) The Bank Statement attached as Exhibit "A" to each City Commission resolution <br />authorizing the TDR's and the deposit or withdrawal of development rights shall reflect <br />approved sites and the units of TDR's attributable to each site. The Bank Statement shall be <br />amended administratively and dated each time transfers are made in accordance with this <br />Section. <br /> <br />(iii) With respect to a purchase of TDRs from a privately owned, previously approved Sender <br />Site (as opposed to the portion of City-owned TDRs), a purchaser may withdraw said TDRs <br />from the TDR Bank pursuant to the original City Commission approval of a Receiver and <br />Sender Site. The adoption of this withdrawal and transfer resolution may not be withheld by <br />the City Commission in accordance with this section unless the terms and conditions of the <br />original approvals have not been met (or otherwise waived) or the City has not received a <br />written and notarized authorization from the owner of the Sender Site (and seller of all TDRs <br />severed therefrom) and an indemnification and hold harmless of the City from both seller and <br />purchaser as to any and all claims that may arise between the private parties as a result of such <br />transaction. With respect to a purchase ofTDRs from the City, a purchaser may withdraw same <br />from the TDR Bank pursuant to a City Commission resolution issued by the City Commission <br />in its sole discretion in accordance with this Section. <br /> <br />b. Time Limitations on Private TDR Transactions. <br />All development rights from an approved privately owned Sender Sites conveyed to the City <br />shall be deposited in the TDR Bank as provided in this subsection. Withdrawals ofTDRs from <br />the Bank must occur no later than five (5) years from the date of the City Commission action <br />approving the applicable sending site in accordance with Section 265-23.3 (c)(5) hereinabove. <br />Each depositor at time of initial deposit, shall execute a written waiver of its rights, if any, to <br />assert any claim to those development rights except as specifically permitted by the terms of <br />this Ordinance. All requirements of this Section shall be met prior to the actual transfer <br />(withdrawal) of development rights from the Bank. <br /> <br />Section 2. <br /> <br />Repealer. <br /> <br />All ordinances or parts of ordinances in conflict herewith be and the same are hereby repealed <br />except that this amendment shall not apply to previously approved TDR's which transfers shall <br />be accomplished in accordance with the terms of the ordinance in effect at the time of said <br />transfer. <br /> <br />02004-218 Amd TORs -- Sec. 265-23 <br /> <br />11 <br />