Ordinance 2003-179 - Laserfiche WebLink

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and become extinguished and unusable, ~ Establishment of Receiver Sites: All property within the Town Center. Business District abutting Collins A venue and the Mixed Use High Density/Resort zoning districts are herewith established as receiver sites for the acceptance of transferred development rights and are specifically designated in the Map of Receiver Districts attached as Exhibit "A". Receiver Sites may be developed as otherwise permitted by the Land Development Regulations. as may be amended from time to time. in combination with the development rights available to the site. provided that the overall density achieved is consistent with. and does not exceed. the overall density and intensity allowable by the Comprehensive Plan. If an approval was granted prior to the adoption of this Ordinance. pursuant to which a permit has been issued. that site shall not be available as a receiver site. unless the prior approval is revoked and a new development order is secured hereunder. Section 4. Calculations. 515.4 Calculations a. Transferable Development Rights from City owned Property: In the case of City owned sites calculations will be based on the zoning permissible at the time of incor:poration and prior to the City's acquisition of the site for public purposes, A transferable development right for a unit shall be calculated and determined by dividing the permitted floor area of the sending site by the permitted density on said site. Only whole units may be purchased and transferred to the receiver but the purchaser may use any amount up to square footage if the receiving site is accepting the square footage as intensity (floor area ratio) rather than density, All of the foregoing. however. is subiect to all limitations set forth herein and in the City's Comprehensive Plan. b. Cost of Transferable Development Rights from City owned Site: Upon receiving approval by the City Commission for a transfer of a development right to a receiver site. the cost for a square foot of development right shall be determined by the market value of the receiver site as delineated by a current real estate appraisal prepared for the City by a City designated appraiser. acceptable by the City Manager. but paid for by the owner of the sending 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 bank. the formula set forth in subsection a. above shall be applied to the totality of the banked square footage divided by the allowable density based on the average of the underlying zoning. c. Transferable Development Rights from Private Property, In the case of privately owned sites the City shall determine the floor area ratio and density on the site, The parties shall file documentation verifying such transfer of rights in accordance with Section, 515.7 herein below. Amendment of Section 515 4 9/24/2003 2:53 PM