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RESOLUTION NO. 2021- <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, <br />FLORIDA, AUTHORIZING THE PURCHASE OF TRANSFER OF DEVELOPMENT <br />RIGHTS ("TDRs") IN THE AMOUNT OF TWELVE THOUSAND FIVE HUNDRED SIXTY- <br />FOUR (12,564.58) SQUARE FEET OF FLOOR AREA ("FAR") AND TWELVE (12) <br />DWELLING UNITS FROM THE CITY OF SUNNY ISLES BEACH TDRs BANK ACCOUNT <br />BY 18401 DEVELOPERS, LLC A/K/A BENTLEY RESIDENCES, AND ASSIGNMENT OF <br />TWELVE THOUSAND FIVE HUNDRED SIXTY-FOUR (12,564.58) SQUARE FEET OF <br />FAR AND ZERO (0) DWELLING UNITS TO THE PROPERTY LOCATED AT 18401 <br />COLLINS AVENUE; DIRECTING THE DEVELOPMENT SERVICES DIRECTOR OR <br />DESIGNEE TO ASSIGN THE TDRs FROM THE CITY'S BANK ACCOUNT IN <br />ACCORDANCE WITH ZONING RESOLUTION NO. 21' Z' M` ; AUTHORIZING THE <br />ADJUSTMENT AND MODIFICATION OF THE CITY'S TDR BANK; PROVIDING THE <br />CITY MANAGER AND CITY ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE <br />DATE. <br />WHEREAS, by Zoning Resolution No.adopted September 10, 2021, the City <br />Commission approved the zoning application submitted by 18401 Developers, LLC. a/k/a Bentley <br />Residences ("Applicant") for the assignment of TDRs in the amount of Twelve Thousand Five <br />Hundred Sixty -Four (12,564.58) square feet of floor area and Zero (0) dwelling units; and <br />WHEREAS, the Applicant is required to pay a per square foot price of One Hundred Twenty <br />Five Dollars ($125.00); and <br />WHEREAS, the City Commission agrees to accept One Million Five Hundred Seventy Two <br />Thousand Five Hundred Seventy Two Dollars and Fifty cents ($1,570,572.50) from the Applicant <br />for the payment of Twelve Thousand Five Hundred Sixty -Four (12,564.58) square feet of floor <br />area and Twelve (12) dwelling units of TDRs; and <br />WHEREAS, the property receiving the TDRs is located at 18401 Collins Avenue, Sunny Isles <br />Beach and is legally described in Zoning Application No. PZ2021-06; and <br />WHEREAS, the City Commission wishes to approve the transfer and assignment of the <br />TDRs contemplated herein in accordance with its TDRs ordinance. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. 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 Assignment of Transfer of Development Rights. Pursuant to <br />Section 265-23 of the City Code and in accordance with Zoning Resolution No. 7-I1'%the City <br />Commission hereby authorizes the assignment of transfer of the development rights in the <br />amount of Twelve Thousand Five Hundred Sixty -Four (12,564.58) square feet of floor area and <br />18401 Developers, LLC a/k/a Bentley Residences - City TDR Bank Page 1 of 2 <br />