Ordinance 2005-230 - Laserfiche WebLink

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set forth herein and in the City's Comprehensive Plan. b. _Cost of Transferable Development Rights from City:-Oowned Sites: {1 }- _Appraisal. -=At the time of approval of the TDRs, the City Commission may-shall consider the acceptance of the appraised land value for the Rreceiving Ssite as follows: the cost for a square foot of development right shall be determined by the market value of the Receivingef Site as determined by a current real estate appraisal (updated no more than three months from date 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 Rreceiving Ssite. The appraisal amount shall then be divided by the permitted floor area ratio including bonuses on the Receiver Site. Since the issuance of Ceity- owned TDRs shall be from a TDR Bank, as described herein, the formula ~set forth in 265 23.1(a) above shall be applied shall be te-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 (10%) of cost of City-owned TDRs, which shall be paid within three (3) working 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 City Commission approval. e. TraBsferahle DevelopmeBt Rights from a Privately OWBed SeBder Site; Reeeipt of TDRs hy a Privately OWBed Reeeiver Site. 1. In the ease of privately oV/Hed sites, the City shall determine the floor area ratio and density on the site based on the existiHg zoning. In eases where a privately owned site of greater than three (3) acres of frontage along Collins ",-yenue, in the Tov,TI Center, is off'6red to the City, for the purposes set forth herein, the City may accept said Sender Site and may pro,tide 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 publie improvements in aeeordance ''lith a design approyed by the City Commission or shall fund said improvements as a condition of and no later than the actual transfer of the TDRs. Notwithstanding 02004 218 ;'<ma TDRs See. 265 23U:\Citv Clerk\Ordinances\Drafts\Draft 02005- TDR Amend 02004-218 Marked 9 2nd Rdg.docU:lu^.TTORNEY\:\ssignmeflts\2005\.\05 Revisions to Orainllflce No 2004218 (TDR Ordinaneel\w02 TDRameadedoffiinianee ehanges 5 9 05 Shellev.docC:\DoeHmeats llfld Settings\shellev\Loeal Settiags\TemfJomrv Internet Files\OLK98\':102 TDRameaaedonlinianee ehaHgeS 5 9 05.doeU:lu^,TTOR.""IEYlu\ssignmeats\2005\f,05 Re'/isions tEl OrdinaHee NEl 2004 218 (TDR Orainllflee)\w02 TDRameaaeaor-ainianee eflllflgeS ENW 5 5 05.doeC:\DoeHmeflts llfld Settinl.:s\Homel \My Doeuments\Shellcy\TDRameadedElrEliniaHee ChaHges.doc