Nope. The chief remains the chief. Resignation not accepted. 

Quote from gwb-trading:
In other news ... as I stated earlier the Sanford town council was set to vote on a severance package for the former police chief in late April. It appears that they have come to an arrangement where the former police chief has agreed to resign rather than be fired.
Sanford, Fla., chief to resign; officials must OK
http://www.wral.com/news/story/11014335/
The vote on this "personnel matter" will take place behind closed doors this afternoon. I expect an agreement has been struck and financial package offered. Resigning rather than being fired will likely allow the police chief to be hired by another local town in Florida, so taking a deal to resign is in his best interest.
I will also note that the local prosecutor who failed to properly pursue the case before the state took it over is still on a leave of absence and is probably next on the chopping block.