Resolution LPA 2004-24 - Laserfiche WebLink

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the application is heard at a public hearing) prepared for the City by an appraiser, selected by the City Manager, but paid for by the owner of the receiving site. The appraisal amount shall then be divided by the permitted floor area ratio including bonuses on the Receiver Site. Since the issuance of city-owned TDRs shall be from a TDR Bank, as described herein, the formula set forth in 265-23.4(a) above shall be applied to the totality of the banked square footage divided by the allowable density based on the underlying zoning. 2. Non-Refundable Deposit. Approval of Receiving Site shall be subject to payment of a non-refundable deposit of ten (10%) per cent of cost of City-owned TDRs, which shall be paid within three (3) days of date of City Commission approval of the application. Failure to make such deposit within the prescribed time frame shall result in an automatic voiding of the Commission approval. c. Transferable Development Rights from a Privately Owned Sender Site; Receipt of TDRs by a Privately Owned Receiver Site. 1. In the case of privately owned sites, the City shall determine the floor area ratio and density on the site based on the existing zoning. In cases where a privately owned site of greater than three (3) acres of frontage along Collins Avenue, in the Town Center, is offered to the City, for the purposes set forth herein, the City may accept said Sender Site and may provide to the owner the maximum density of 80 units per acre and a maximum floor area ratio of 3.75 provided the owner of the Sender Site shall either commit to provide public improvements in accordance with a design approved by the City Commission or shall fund said improvements as a condition of and no later than the actual transfer of the TDRs. Notwithstanding anything to the contrary, the property owner conveying the approved Sender Site shall have up to five (5) years to utilize such development rights in accordance with Section 3 c. (5) hereinabove. It is understood that the development rights to be transferred to a receiving site shall be approved by the City Commission through the site plan approval process as specified herein and as otherwise provided in this Section 265-23. 2. No Receiver Site, or site plan on that Receiver Site, may be approved by the City Commission unless a Sender Site has been first been identified and approved by the City Commission, or the owner of the Receiver Site commits to purchase TDRs from the City in accordance with Section 265-23.4 above, or the owner of the Receiver Site commits to purchase TDRs already deposited in the TDR Bank from a privately owned Sender Site. The formal approval by the City Commission of the transfer of the TDRs whether from a privately owned Sender Site, City-owned TDRs or TDRs from a privately owned Sender Site, already deposited in the TDR Bank, shall occur simultaneously with the approval of the Receiver Site's site plan although the actual transfer may occur later but in no event may a building permit on the Receiver Site issue until such transfer has actually occurred and been documented as provided hereinbelow. d. Cost of Transferable Development Rights Issued by Private Owners From Privately Owned Sender Sites: The price of TDRs from approved privately owned Sender Sites shall be determined by the 02004-218 Amd TORs -- Sec. 265-23 6