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<br />I <br /> <br />ORDINANCE NO. 2008- ::SDO <br /> <br />AN ORDINANCE OF THE CITY COMMISSION OF THE CITY <br />OF SUNNY ISLES BEACH, FLORIDA, AMENDING SECTION <br />265-23(G)(2) OF THE CITY CODE RELATING TO THE <br />TRANSFER OF DEVELOPMENT RIGHTS ("TDRs") FOR <br />PRIVATE PARTIES; PROVIDING FOR CLARIFICATION OF <br />EXPIRATION OF PRIV ATE TORs; PROVIDING FOR <br />SEVERABILITY; PROVIDING FOR REPEALER; PROVIDING <br />FOR INCLUSION IN THE CODE; PROVIDING FOR AN <br />EFFECTIVE DATE. <br /> <br />WHEREAS, the City Commission created a transfer of development rights program to spur <br />development and to create open space; and <br /> <br />WHEREAS, the City Commission wishes to clarify the regulations relating to Private TDR <br />transactions. <br /> <br />NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISISON OF THE CITY <br />OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Incorporation of Recitals. The foregoing "WHEREAS" clauses are hereby ratified and <br />confirmed as being true and correct and are hereby made a specific part by this ordinance upon adoption <br />hereof. <br /> <br />Section 2 Amendment. Section 265-23 (G) (2) is amended to read as follows: <br /> <br />(2) Time Limitations on private TDR transactions. All development rights from an <br />approved privately owned sender sites conveyed to the City shall be deposited <br />in the TDR Bank as provided in this subsection. Withdrawals ofTDRs from the <br />TOR Bank must occur no later than five years from the date of the City <br />Commission action approving the applicable sending site in accordance with 9 <br />265 -23 C (3) (f) herein above. Each depositor at time of initial deposit shall <br />execute a written waiver of its rights, if any, to assert any claim to those <br />development rights except as specifically permitted by the terms of this section. <br />All requirements of this section shall be met prior to the actual transfer <br />(withdrawal) of development rights from the TDR Bank. Private TDRs shall be <br />utilized within five (5) years from the date of withdrawal from the TOR Bank. <br />The City Commission may extend the time period for the utilization of private <br />TDRs for a period up to two (2) years. If an extension is granted, the City <br />Commission has the authority to impose an administrative fee up to $10,000.00 <br />as a condition of granting such extension. <br /> <br />Section 3. Severability. If any section, subsection, clause or provision of this Ordinance is declared <br />invalid or unconstitutional by a court of competent jurisdiction, the remainder shall not be affected by <br />such invalidity. <br /> <br />Amending Section 265-23 <br /> <br />Page I 01'2 <br />