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the Tl]Ra nmoignn000t of solely the 11'881 square feet ofFAR for the property located at 17901 <br />Collins Avenue, Sunny Isles Beach, and extinguishing the five (5) unassigned dwelling units; and <br />WHEREAS, the property receiving the 11,861 square feet ofFAR imdescribed on Exhibit <br />"A" attached hereto; and <br />WHEREAS, the City Commission agrees to authorize the sale and the assignment ofthe <br />TDRs conternplated herein as an incentive for development pursuant to its Charter and Home Rule <br />Authority. <br />NOW. THEREFORE, 0E0[RESOLVED 0Y THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS; <br />Section I . Incorporation of Recitals. The foregoing recitals are true and correct and are <br />incorporated herein by reference as if they are fully set forth herein. <br />Section 2. Authorizing the Sale and Assignment of TDRs frorn NDPRE #14, LLC to A3 <br />Development, LLC. The City Commission hereby approves the sale and assignment ofTransfer <br />of Development Rights ("TDRs") in the amount of 11,861 square feet of FAR and five (5)dv/cl|ing <br />units from u Private T]JR Bank account designated for NDP8B #14, LLC to /\3 Dovc|opn0001, <br />LLC. The City Commission further approves the Assignment of Transferable Development Rights. <br />}\3 Development, [LCshall submit iothe City payment infull iothe amount ofOne Million Four <br />Hundred Eighty -Two Thousand Six Hundred Twenty -Five Do||um ($1,482,625.00) within three <br />(3)business day from the approval of this Resolution, if payment is not received, T[}Ka Sale and <br />Assignment isvoid and null. <br />Section 3. Authorizing the Withdrawal and Assignment of TDRs. The City Commission <br />hereby authorizes the Development Services Director to withdraw 11,861 square feet ofFAR and <br />five (5) dwelling units from the Private TDR Bank account designated for NDPRE # 14, LLC and <br />to assign 11,801 square feet ofFAR for the development project fhrdbcpropcdy|mcstcdo1l79O\ <br />Collins Avenue, Sunny 1a|ea 0cooh, Florida approved under Zoning Resolution No.?��Z* 0h ` <br />and extinguish the five (5)unassigned dwelling units. <br />Section 4. Directive to Development Services Director. The Development Services Di,00\nr <br />o,their designee iuhereby directed tnadjust the Private TD[lBank account designated for NDPKE <br />#l4` l.LCto reflect the vvi1hdrux'o| ofTDE(a in the amount of\|,D6l square feet ofFAR and five <br />(5) dwelling units according to Zoning Resolution No. V ' I ' ( W . Pursuant to the Laud <br />Donation and Transfer ofDevelopment Rights Agreement between the City und74DPl<E#l4,L.LC` <br />the City will sell ND9K8#|4 L.l.C^aTDKo o1$l25 per square foot and shall pay 1oNDPIlB#\4 <br />the arnount of proceeds from Such sale within thirty (30) days of the closing. <br />Section 5. Authority of the City Manager and City Attorney. The City Manager and City <br />Attorney are hereby authorized todoall things necessary ioeffectuate this Resolution. <br />Section 6. Repealer. All Resolutions orparts of Resolutions in conflict herewith shall be and <br />are hereby repealed. <br />Section 7. Effective Date. This Resolution shall become effective upon adoption. <br />nzo |xppr*mpovamnxu xsDevelopment and wopns Page z^o <br />