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DESCRIPTION AND CONDITIONS: Bruce Barkett, Agent, has submitted a request on behalf of Colony Development Associates L.L.C. to delete the zoning reverter provision contained in the Colony PD zoning ordinance. The existing ordinance has a reverter clause, the effect of which is to revert the project site's zoning from P D (planned development, residential up to 1.85 units per acre) to RS -3 (Residential single-family up to 3 units per acre) if the developer does not obtain a project construction permit (land development permit) by December 31, 2002. The applicant's request is to delete the reverter, since the developer has now purchased the property from the three separate owners. No increase in units or decrease in lot sizes is proposed, and no design modifications are proposed. The Colony is a 279 acre golf course residential project consisting of 550 units on 279 acres. The project site is located between 27th Avenue S W. and 43`d Avenue S.W. on the east and west, and 13th Street S.W. and 17th Street S.W. on the north and south. P ID rezoning and conceptual P ID plan approval was granted for the project by the Board of County Commissioners on October 24, 2000. The reverter provision was placed in the project's P.D. zoning ordinance at the applicant's request, so that the three property owners selling their separate properties to the developer would not be bound by the PD zoning ordinance and PD plan, and would have their old RS -3 zoning back, if the development did not proceed. The Board had no objections to the reverter, since either the PD rezoning/plan or RS -3 district is appropriate for the site. Now, the overall site is under single ownership and the current owner/developer is requesting deletion of the reverter. Deleting the reverter takes Board action at a public hearing, since the deletion will require a change to text in the ordinance. The change will not affect the existing zoning or the approved conceptual PD plan. ANALYSIS: Because no design or project parameter changes are involved in the request, no project plan revisions are needed. Consequently, the approved conceptual and preliminary PD (phase I) plan will be unaffected by the requested zoning reverter modification. Please find attached previous staff reports to the Board regarding The Colony. Since the P ID will remain as is, these reports stili accurately reflect the P.D. development plan proposal. The existing zoning reverter clause reads as follows: "NOW, THEREFORE, BE IT ORDAINED, by the Board of County Commissioners of Indian River County, Florida that the Zoning of the property situated in Indian River County, and legally described in EXHIBIT A (attached) be changed from RS -3 to PD, residential and that the PD conceptual plan (see EXHIBIT B, attached) will control and regulate development on the subject land. Said zoning shall revert to RS -3 on December 31, 2002, unless a land development permit for all or any portion of the project has been issued prior to that date." The proposed reverter ordinance reads as follows with the deleted language in strike -through: NOVEMBER 12, 2002 56