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ORDINANCE 2012-016 <br />addition, neighbor <br />eounty eemmissionefs <br />shall -vethe <br />-hood nede <br />upen <br />crrcvm-c- date -vr <br />approval may be tefmina4ed <br />abanderxrtent of eenstmeti <br />the eiaiiiuire.. ......... rezoned <br />by the beafd e <br />the i,..,t,.,..y .., _,... <br />Eighteen (18) <br />preps ty ce <br />repert on the <br />fnenths after- <br />CN, the eon:ffnuaity <br />-development -ef <br />a neighbefheed node is established <br />development depaftfneat <br />the node. The <br />by r-ez <br />shall sehedol.- <br />whethef of <br />building pefmit <br />rep ft will <br />not a site plan has <br />has been issued <br />indiea4e—whether- <br />been submitted or- appr-eved <br />and maif4ained for- the pr-epeFty. <br />or- —not --there has been <br />and whether- er- not a <br />Mer-eever-, th-e <br />interest ffem othe« <br />r + t1. <br />a1 <br />� <br />otv <br />approval for s (6) <br />. „4b.. if the L ea fda <br />n. «� <br />deeidesto <br />distriet_: <br />rr <br />tefmina4e thenede-appreial, <br />the pianning staff <br />shall-iaitiate-e <br />SECTION #10: <br />Amend LDR Section 911.14(4), Density bonus, to read as follows: <br />(4) Density bonus. <br />(a) Affordable housing. Residential developments may receive a density bonus not to exceed <br />twenty (20) percent of the density permitted by the applicable zoning district. <br />For the purpose of this section, an affordable dwelling unit shall be a dwelling unit <br />which: <br />a. Has a market value less than two and a half (2_L/2) times the county's annual <br />median household income for Indian River County as established by the <br />Florida Housing Finance Corporation; or <br />b. Has a monthly rent less than one -twelfth ( 1/12) times thirty (30) percent of <br />eighty (80) percent of the county's annual median household income for Indian <br />River County as established by the Florida Housing Finance Corporation. <br />2. Affordable dwelling units provided in compliance with this section, regardless of <br />whether or not the affordable dwelling units are part of a planned development project, <br />shall comply with the following requirements: <br />a. The affordable dwelling unit shall remain available as an affordable dwelling <br />unit for the following periods: <br />i. Owner -occupied units shall remain affordable dwelling units for a <br />period of not less than twenty (20) years commencing on the first day <br />following the issuance of a certificate of occupancy, or equivalent final <br />building inspection, for the unit. <br />Bold Underline: Additions to Ordinance 35 <br />Stfike 1Hreug#t Deleted Text from Existing Ordinance <br />C:\Documents and Settings\tlister\Local Settings\Temporary Internet Files\Content.Outlook\QPAZMTU8\2012-016 911 and 912.doc <br />