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ORDINANCE NO. 2014- 'Z5 <br /> AN ORDINANCE OF THE CITY COMMISSION OF THE CITY <br /> OF SUNNY ISLES BEACH, FLORIDA, AMENDING SECTION <br /> 265-23 OF THE CITY CODE TO CLARIFY THE PROCESS TO <br /> EXTEND THE USEFUL LIFE OF TRANSFER OF <br /> DEVELOPMENT RIGHTS ("TDRS"); PROVIDING FOR <br /> REPEALER; PROVIDING FOR SEVERABILITY; PROVIDING <br /> FOR INCLUSION IN THE CODE; PROVIDING FOR AN <br /> EFFECTIVE DATE. <br /> WHEREAS, the purpose of Section 265-23 of the Code of Ordinances of the City of <br /> Sunny Isles Beach is to provide for greater flexibility in the pattern of development by allowing <br /> for the transfer of development rights (TDRs) from one parcel to another; and <br /> WHEREAS, this transfer of development rights is applicable in situations where the City <br /> Commission determines such transfers will assist in the renewal, rehabilitation and <br /> redevelopment of commercial, Town Center and beachfront property, or for the preservation and <br /> enhancement of open space, natural resources, concentration of public parking, or such other <br /> public purpose objectives; and <br /> WHEREAS, the City Commission wishes to amend Section 265-23 of the City Code to <br /> clarify the process to extend the useful life of TDRs by deleting certain restrictive time <br /> limitations of privately owned TDR transactions. <br /> NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE <br /> CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> Section 1. Incorporation of Recitals. The foregoing "WHEREAS" clauses are hereby ratified <br /> and confirmed as being true and correct and are hereby made a specific part by this Ordinance <br /> upon adoption hereof <br /> Section 2. Amendment. Chapter 265-23 of the City Code is amended to read as follows: <br /> § 265-23: Transfers of development rights; definitions. <br /> G. Establishment of TDR Bank; limitations. <br /> (1) TDR Bank. The City Commission may by resolution adopt procedures for the <br /> establishment of a TDR Bank which shall be maintained and operated by the City <br /> Manager or designee, for the deposit and withdrawal/purchase by private <br /> developers of development rights and shall be retroactive to all TDR transactions. <br />