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<br />The Honorable City Commission <br />February 21,2008 <br />Page 3 <br /> <br />C. Fourth Year Extension, if applicable. Same conditions as second year extension. In <br />the aggregate, this means a developer would have paid 30% of the balance owed City, or <br />One Million Dollars ($1,000,000), whichever is greater. <br /> <br />D. The developer will forfeit vested rights/zoning estoppels - refer to attached memo from <br />City Attorney Hans Ottinot. <br /> <br />E. The site in question will be maintained to look more like a park than a construction <br />zone, and will include installation of decorative fencing. <br /> <br />F. Within 60 days notice by the City, the developer will underground all utilities or pay <br />the City its pro-rata share to do so. <br /> <br />G. Because the program is voluntary, it will be administered administratively. <br /> <br />In addition, if TDRs are owed by a private party and would otherwise expire during the <br />extension period, a fee of Ten Thousand Dollars ($10,000) will be paid to the City for <br />administrative costs of maintaining the TOR bank through the extension period. <br /> <br />Please feel free to contact me should you have any questions. <br /> <br />AJS/pw/iw <br /> <br />Attachment <br /> <br />cc: Hans Ottinot, City Attorney <br />Jorge L. Vera, Assistant City Manager, Service Division <br />Doug Haag, Assistant City Manager, Finance Division <br />Fernando Amuchastegui, Assistant City Attorney <br /> <br />Commission - Voluntary Time Extensions High Rise Cond Memo 2 <br />