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f 1»t allowable, upon approval by the Board of County Commission- ers, to transfer a portion or all of the maximum residential density permitted in environmentally sensitive lands to approved upland areas within the boundaries of the Planned Residential Development. Density transfers shall be specif- ically limited to those requests for PRD special exception approval. i. Areas Eligible to Receive Transfer of Density. Density transfers may only be applied to areas within the same PRD site. Any area receiving the transfer of density shall have been determined not to be environmentally sensitive and further shall have been deemed suitable for residential development. ii. Limitations on Density Transfers; Transitional Area Density Credit. The maximum density permitted on the upland area receiving the density transfer shall not increase by more than fifty (50%) percent. Transition- al areas which are not designated environmentally sensitive shall not be developed, however, they shall be considered upland for the purpose of computing maximum dwelling unit computation under paragraph 5 below. iii. Limitations on Open Space Credit. Whenever a PRD special exception has been approved for a density transfer, the environmentally sensitive area shall count for no more than twenty (20%) percent of the open space required for the upland area. iv. Recording of Transfer; Deed Restrictions Required. The Final PRD plat and site plan shall clearly designate those areas which have received density transfers and those environmentally sensitive lands which have had density transferred, together with such restrictions on the development of the transitional areas necessary to assure protection of the environmentally sensitive resource. All such documents shall be in a form satisfactory to the County Attorney. V. Additional Requirements and Safeguards. In approving the transfer of density from environmentally sensitive lands to upland areas, the Board of County Commission- ers may require land use limitations and restrictions beyond those specifically included herein in order to adequately preserve and protect the unique natural resources of Indian River County. Any such require- ments shall be documented in writing and become part of the special exception approval. Maximum Dwelling Unit Computation. For the purpose of this provision, the maximum number of dwelling units allowable within the PRD shall be computed as follows: a. Gross area of the PRD in acres acres b. Minus areas designated for non- residential land uses - acres C. Minus the total area of environ- mentally sensitive lands from which density is to be transferred - acres d. Equals the effective base resi- dential area = acres e. Multiplied by the approved density for the upland portion of the -6-