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North Bay Village sets starting prices to re‑offer last transferable density rights
Summary
Commission directed staff to re‑offer 24 remaining transferable density rights (TDRs) with minimum starting prices—non‑waterfront at $1.25 per unit and waterfront at $150,000 each—seeking additional revenue for municipal projects.
The North Bay Village Commission directed staff to re‑offer the remaining 24 transferable density rights (TDRs) after discussing market conditions and the village’s near‑term revenue needs. The commission set initial minimums to test market demand: $1.25 per non‑waterfront unit and $150,000 per waterfront unit.
Commissioners said they will monitor bidding and adjust minimums if the market does not respond as hoped. Proceeds from future TDR sales were discussed as a potential funding source for capital projects and village priorities, including the village hall and public safety improvements.
The manager was directed to prepare the sale notice, pricing schedule and procurement/bidding documents and to return with a timeline and outreach plan.
