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C7 <br />�LP pyr OR O� y�r <br />c, 40 <br />Ty Oc 5u�+ ^ <br />TO: <br />VIA: <br />FROM <br />DATE: <br />RE: <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947 -0606 City Hall <br />(305) 949 -3113 Fax <br />MEMORANDUM <br />The Honorable Mayor and City Commission <br />Christopher J. Russo, City Manager <br />Claudia Hasbun, Zoning Administrator /Planning Manager <br />10/17/2013 <br />St. Tropez on the Bay: Phases II & III <br />Transfer Development Rights (TDRs) Report <br />290 -330 Sunny Isles Boulevard & 16690 Collins Avenue (Receiver Sites) <br />• RECOMMENDATION: <br />Staff has no objection to the TDRs assignment provided that all conditions for the Site <br />Plan Modification are satisfied. <br />REASONS: <br />The Applicant is requesting to approve the transfer of City's and Private TDRs in the <br />amount of 100,220 square feet of development rights and 47 dwelling units (Each TDRs <br />unit = 2,132 square feet). The Applicant is requesting from the City's TDRs bank the <br />amount of 38,058 square feet of development rights and 18 dwelling. The City and <br />Applicant has agreed on $20.00 per square foot for a total of $761,160 for the TDRs <br />purchase. The Applicant shall provide the City with a non - refundable deposit in the <br />amount of ten percent (10 %) of the approved purchased price. The total amount of the <br />deposit is $76,116. The deposit is required within the three (3) working days of approval <br />of the Transfer Development Rights (TDRs) application. <br />The Applicant is requesting the assignment of TDRs in the amount of 100,220 square <br />feet of development rights and 32 dwelling units for the St. Tropez of the Bay Phases II <br />& III in accordance with Zoning Resolution No. , adopted on October 17, 2013. <br />ATTACHMENTS: <br />. Appraisal Summary <br />. Resolution <br />. TDR Application <br />i <br />Agenda Item No I OH <br />Date 10/ 17/2013 <br />197 <br />