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0 <br />0 <br />• <br />F ►OR a' <br />N <br />!. Ol SAN r- <br />TO: <br />VIA: <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 />FROM: Claudia Hasbun, Zoning Administrator /Planning Manager <br />DATE: 1/16/2014 <br />RE: Assignment of Private Transfer of Development Rights (TDRs) <br />bank from Abus, LLC ( "Abus ") to Sunny Isles Property Venture, <br />LLC ( "Venture) <br />RECOMMENDATION: <br />This Resolution is presented for your consideration. <br />REASONS: <br />Abus currently owns 76,232 square feet of TDRs and 39 units in a TDR bank <br />established by the City. This TDRs account owned by Abus is encumbered by an <br />agreement to pay the sum of $1,484,940 for the removal of a use restriction <br />imposed on the TDRs. As of today Abus has paid to the City the amount of <br />$984,940. Abus has entered into an assignment of transfer of development rights <br />with Venture wherein Abus assigned and transferred 76,232 square feet of TDRs <br />and 39 units to Venture as assignee. Staff has reviewed the assignment <br />agreement and has no objection to the assignment provided that payment of <br />$500,000 is received by the City within three (3) business day of approval of this <br />Resolution. <br />ATTACHMENTS: <br />. Resolution <br />Agenda Item No.IOG <br />Date 1/16/2014 <br />117 <br />