Reso 2021-3196 - Laserfiche WebLink

Home Browse Search

Prepared by: Adam M. Zwecker, Esq. Akerman LLP 98 SE 7th Street, 1 lth Floor Miami, Florida 33131 ASSIGNMENT OF TRANSFERABLE DEVELOPMENT RIGHTS THIS ASSIGNMENT OF TRANSFERABLE DEVELOPMENT RIGHTS (this "Assignment") is made and entered into as of May K 2021 by and among NDPRE #14, LLC, a Florida limited liability company ("Navarro"), THE CITY OF SUNNY ISLES BEACH, a Florida municipal corporation ("City", and collectively with Navarro, "Assignor") and A3 DEVELOPMENT, LLC, a Delaware limited liability company and/or its successors or assigns ("Assignee"). WHEREAS, pursuant to Resolution No. 2018.2840, the City has provided to Navarro certain transferable developments rights ("TDRs") in the City of Sunny Isles Beach, Florida, in the amount of 126,615 square feet of floor area and 56 dwelling units ("Navarro TDRs"); WHEREAS, in connection with a requested site plan modification under application PZ2021-04 pertaining to a property commonly known as the "Estates at Acqualina" located in the City of Sunny Isles Beach, Florida ("Project"), and pursuant to Section 265-23 of the City of Sunny Isles Beach Land Development Regulations, Assignee has requested to purchase additional TDRs in the amount of 11,861 square feet of floor area and 5 dwelling units ("Required TDRs"); and WHEREAS, Assignor has proposed to convey, transfer and assign unto Assignee all of Assignor's right, title and interest (as grantee) in and to that certain portion of the Navarro TDRs sufficient to satisfy the Required TDRs (the "Assigned Navarro TDRs"). NOW, THEREFORE, in consideration of the payment by Assignee to Assignor of the sum of Ten Dollars ($10.00) and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Recitals. The above recitals aretrue and correct and arehereby incorporated by reference herein. 2. Assignment: Price. Each Assignor hereby irrevocably conveys, transfers and assigns unto Assignee all of such Assignor's right, title and interest in and to the Assigned Navarro TDRs together with all the rights and benefits conferred in connection therewith to have and to hold the same unto Assignee, its heirs, legal representatives, successors, administrators and assigns forever for the purchase price of $125.00 per square foot (or $1,482,625.00 in total) to be paid by Assignee to the City within three (3) business days after the City Commission approves this Assignment. 3. Further Assurances; Deliverables. The parties hereto agree to execute and deliver such other documents as are required by the City, to effectuate the transfer of the Assigned Navarro TDRs to Assignee as contemplated by this Assignment. 4. Assignor Representations, Warranties and Covenants. Assignor hereby represents, warrants 58183591;3