The TDR reservation process is as follows:
(A) The applicant shall submit a site plan, which complies with the relevant provisions of Chapter 155 and/or Chapter 156 of the City's Code of Ordinances, as applicable, and a developer's commitment agreement (DCA).
(B) The DCA shall state the applicant's intent to develop residential dwelling units within the downtown, identifying the proposed receiving site(s), the number of dwelling units to be developed based upon the acreage (i.e. 18 DU/A x # of acres), the number of TDR units to be purchased from the city and the total number of dwelling units proposed.
(C) Staff shall determine that the receiving property has DDD/TOD land use and that the city's balance of TDR units is sufficient to meet the request of the applicant.
(D) The City Commission shall review the proposed DCA, determine the number of TDR units to be sold to the applicant and the cost of each TDR unit. Development rights shall only be sold as whole units, sale of less than a whole dwelling unit (i.e. .5 DU) is prohibited. The revenues from the sale of TDR units are not refundable.
(E) All DCAs shall be recorded at the applicant's expense and run with the land.
(F) The DCA shall require that construction shall commence within 30 months of the date that the DCA is approved. If construction has not commenced within 30 months, the DCA shall expire.
(G) If construction has commenced within 30 months of the date the DCA was approved, all work may continue as long as the site construction permit and/or the building permit(s) have not expired. If either the site construction permit and/or the building permit(s) expire, the DCA shall be deemed to have expired.
(H) If requested in writing prior to the expiration of the DCA, the City Commission may, at their discretion, approve an extension of the DCA.
(I) Unless agreed to by both parties, the approved and recorded DCA shall not be amended and/or extended.
(J) Failure to comply with any of the provisions herein may result in the city taking appropriate enforcement action.
(Ord. 1458, passed 4-5-12)