| | | | | | | |  |  | 5919 MAIN STREET . NEW PORT RICHEY, FL 34652 . 727.853.1016 |
| TO: | City of New Port Richey City Council | | FROM: | Dale Hall, AICP, Community and Development Director | | DATE: | 6/7/2022 | | RE: | Second Reading, Ordinance No. 2022-2262: TDR Amendment |
REQUEST:
The request is for City Council to conduct a second and final reading of an ordinance which will amend the City's TDR Ordinance.
DISCUSSION:
The City’s Coastal Transfer of Development Rights (TDR) program allows the city to transfer the development rights of city-owned property (sending sites) in the Coastal High Hazard Area to other properties. The current method for calculating the cost of a TDR credit is to apply the annual Consumer Price Index (CPI) to the purchase price. This method is not the most effective method for calculating the true value of real estate for development credits. The ordinance proposes to use a State Certified General Appraiser to determine the fair market value for development credits that will reflect the current market conditions that is to be reviewed by the Community Redevelopment Agency and to be approved by the City Council.
It should be noted that the attached ordinance includes minor revisions from the version presented at the May 17, 2022 City Council Meeting. Revisions include a change in verbiage referring to “Sending” and “Receiving” sites along with clarifying that the final value of credits are at the discretion of the City Council.
RECOMMENDATION:
The Land Development Review Board reviewed the Ordinance on April 21, 2022 and recommends that the City Council review and adopt the Ordinance.
BUDGET/FISCAL IMPACT:
The amendment will generate revenue to the City upon the sale of development credits based on fair market value of those development credits. | | | |
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