R5AA - Provide Far Bonus for Faena

FAENA DISTRICT OVERLAY FAR PRESERVATION INCENTIVE – LDR AMENDMENT AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING THE CODE OF THE CITY OF MIAMI BEACH, SUBPART B, ENTITLED, “LAND DEVELOPMENT REGULATIONS,” BY AMENDING CHAPTER 7, ENTITLED "ZONING DISTRICTS AND REGULATIONS," ARTICLE III, ENTITLED “OVERLAY DISTRICTS,” SUBSECTION 7.3.5, ENTITLED “FAENA DISTRICT OVERLAY,” TO PROVIDE A 5,000-SQUARE-FOOT FLOOR-AREA RATIO (“FAR”) BONUS FOR OCEANFRONT PROPERTIES THAT ARE 65,000 SQUARE FEET OR LARGER AND CONTAIN A CONTRIBUTING HISTORIC STRUCTURE; AND PROVIDING FOR APPLICABILITY, REPEALER, SEVERABILITY, CODIFICATION, AND AN EFFECTIVE DATE.