(A)   In conformance with the City of Lake Mary Comprehensive Plan, Future Land Use Element, Objective 3, Policy 3.4, Objective 9 and Policy 9.3, the city establishes the Transfer of Density Rights (TDR) Program. The intent of the TDR Program is to promote development and redevelopment within the downtown by allowing for the transfer of unused residential units from city-owned properties (sending sites) to privately owned properties (receiving sites) within the downtown.

   (B)   Nothing herein shall prevent the City Commission from exercising its legislative authority to change the zoning or land use designation on property within the corporate limits of the city, including those parcels designated as sending or receiving sites under the ordinance from which this section derives. Subsequent rezoning or comprehensive plan changes of a receiving site may reduce or extinguish transferred development rights.

(Ord. 1458, passed 4-5-12)

   The TDR Program allows a property owner to achieve a density bonus by purchasing dwelling units from the City of Lake Mary TDR Bank without going through the land use amendment process. Once a property has donated all or a portion of its residential units, such dwelling units are no longer available for development on donating property. Because the donation sites forego their ability to develop residentially, the density cap within the DDD land use designation of 18 dwelling units per acre (DU/A) is not exceeded.

(Ord. 1458, passed 4-5-12)

   All receiving sites shall have a Downtown Development District/ Transit Oriented Development ( DDD/TOD) land use designation.

(Ord. 1458, passed 4-5-12)

   As long as the TDR units remain with the receiving site for which they were originally purchased, ownership of the site may be transferred. Without the permission of the city, TDR units shall not be transferred from one receiving site to another receiving site. Unless approved by the City Commission, modification of the Development Commitment Agreement, outlined in § 154.105, may be required upon transfer of TDR units.

(Ord. 1458, passed 4-5-12)

   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)

   TDR fees shall be paid at the time that a site construction permit is issued.

(Ord. 1458, passed 4-5-12)

   The city shall maintain a current balance of available TDR units via the City of Lake Mary TDR Bank.

(Ord. 1458, passed 4-5-12)