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RESOLUTION NO. 2021 - .�>ZZH <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, <br />FLORIDA, APPROVING THE PURCHASE AND ASSIGNMENT OF TRANSFER OF <br />DEVELOPMENT RIGHTS ("TDRS") IN THE AMOUNT OF 114,471 SQUARE FEET OF <br />FLOOR AREA RATIO (FAR) AND FIFTY ONE (51) DWELLING UNITS FROM A <br />PRIVATE TDR BANK ACCOUNT OF NDPRE #14, LLC ("ASSIGNOR") TO 18401 <br />DEVELOPERS, LLC; APPROVING ASSIGNMENT AND HOLD HARMLESS <br />AGREEMENT; PROVIDING THE CITY MANAGER AND THE CITY ATTORNEY WITH <br />THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS <br />RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. <br />WHEREAS, by Zoning Resolution No. 7`2'(4; adopted on September 141h, 2021 the City <br />Commission of the City of Sunny Isles Beach (the "City Commission") approved the Site Plan & <br />Transfer of Development Rights ("TDRs") submitted by 18401 Developers, LLC ("Applicant") <br />related to the property located at 18401 Collins Avenue, Sunny Isles Beach, Florida, for the <br />purchase and assignment of TDRs in the amount of One Hundred and Fourteen Thousand Four <br />Hundred Seventy One (114,471) square feet of FAR and Fifty One (51) dwelling units; and <br />WHEREAS, the Applicant sought to purchase the above referenced TDRs directly from the <br />City of Sunny Isles Beach ("City"); however, pursuant to the Land Donation and Transfer of <br />Development Rights Agreement between the City and NDPRE #14, LLC ("Navarro"), approved by <br />Resolution 2018-2840, the City is required to sell Navarro's TDRs before the City sells any other <br />TDRs held in the public bank account controlled by the City; and <br />WHEREAS, the City Commission hereby agrees to approve the sale and assignment of <br />TDRs from the Private TDR Bank account of Navarro to the Applicant in the amount of One <br />Hundred and Fourteen Thousand Four Hundred Seventy -One (114,471) square feet of FAR and <br />Fifty -One (51) dwelling units; and <br />WHEREAS, solely the TDRs in the amount of 114,471 square feet of FAR and 28 dwelling <br />units are being utilized and assigned to the project that is the subject of the Site Plan Approval <br />application for the development project located at 18401 Collins Avenue, Sunny Isles Beach, as <br />the Applicant will not assign the Twenty -Three (23) dwelling units; thus, those unassigned <br />dwelling units will become extinguished; and <br />WHEREAS, the property receiving the 114,471 square feet of FAR and Twenty -Eight (28) <br />dwelling units is described on Exhibit "A" attached hereto; and <br />WHEREAS, pursuant to Section 265-23(F)(2)(a) of the City Land Development Regulations, and <br />the terms of the Assignment of Transferable Development Rights between the City, Navarro, and <br />the Applicant, the City Commission agrees to authorize the sale and the assignment of the TDRs <br />contemplated therein as an incentive for development pursuant to its Charter and Home Rule <br />Authority, and authorizes the Development Services Director to do all things necessary effectuate <br />this Resolution. <br />R2021 Private TDRs NDPRE to Bentley Revised Page 1 of 3 <br />