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<br />ORDINANCE NO. 2009-~ <br /> <br />AN ORDINANCE OF THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, RELATING <br />TO TRANSFER OF DEVELOPMENT RIGHTS; AMENDING <br />SECTION 265-23G (1) (A) (2) TO EXTEND THE TIME <br />PERIOD FOR THE UTILZATION OF DEVELOPMENT <br />RIGHTS THAT ARE PRIVATELY OWNED; PROVIDING <br />FOR REPEALER; PROVIDING FOR SEVERABILITY; <br />PROVIDING FOR INCLUSION IN THE CODE; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City's Transfer of Development Rights Ordinance (the "TDR" <br />Ordinance") provides for the transferring of development rights from one parcel to another <br />parcel; and <br /> <br />WHEREAS, development rights that are purchased via an agreement between the private <br />parties must be utilized within five (5) years from the date of approval of the transfer site by the <br />City Commission; and <br /> <br />WHEREAS, the City Commission wishes to provide owners of privately owned <br />development rights with additional time to utilize such rights due to the severe economic <br />problems in the real estate market. <br /> <br />NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <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 /> <br />Section 2. Amendment. Section 265-230(1)(a)(2) of the Sunny Isles Beach Code is hereby <br />amended to read as follows: <br /> <br />~ 265-23 G. Establishment of TDR Bank; deposits and withdrawals from TDR Bank; <br />limitations. <br /> <br />(1) TDR Bank. The City Commission by resolution adopt procedures for the establishment <br />of a TDR Bank which shall be maintained and operated by the City Manager or <br />designee, for the deposit and withdrawal/purchase by private developers of <br />developments rights and shall be retroactive to all TDR transactions. <br /> <br />Words added underlined, words stFi€keIl deleted (ed) <br /> <br />Page I of3 <br />