Reso 2021-3241 - Laserfiche WebLink

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Prepared by: Edward A, Dion, Esq. City Attorney City of Sunny Isles Beach 18070 Collins Ave Sunny Isles Beach, FL 33 160 ASSIGNMENT OF TRANSFERABLE DEVELOPMENT RIGHTS THIS ASSIGNMENT OF TRANSFERABLE DEVELOPMENT RIGHTS ("Assignment") is made and entered into as of September14 , 2021 ("Effective Date") by and among THE CITY OF SUNNY ISLES BEACH, a Florida municipal corporation ("City"), 18401 DEVELOPERS LLC, a Florida limited liability company and/or its successors or assigns ("Assignee") and NDPRE #14, LLC, a Florida limited liability company ("Nava rro")(the City, Assignee and Navarro are collectively referred to herein as, the "Parties"). WHEREAS, in connection with a requested site plan approval under application PZ2021-06 pertaining to a project commonly known as the "Bentley Residences" located in the City ("Project"), and pursuant to Section 265-23 of the City of Sunny Isles Beach Land Development Regulations ("City LDRs"), Assignee has requested to purchase Transferrable Development Rights ( "TDRs") in the amount of 127,035.58 square feet of floor area and 63 dwelling units ("Required TDRs"); and WHEREAS, the City has a TDR Bank from which it has TDRs available to sell to Assignee ("CSIB TDR Bank"); and, WHEREAS, pursuant to Resolution No. 2018-2840, the City ratified a Land Donation and Transfer of Development Rights Agreement ("Navarro Agreement") between the City and Navarro, pursuant to which the City granted Navarro TDRs in the amount of 126,615 square feet of floor area and 56 dwelling units ("Navarro TDRs") and agreed to transfer the Navarro TDRs to a private TDR account created by the City on Navarro's behalf ("Navarro'I'DR Account"); and, WHEREAS, pursuant to the Navarro Agreement, the City agreed to sell the Navarro TDRs on behalf of Navarro before the City seils'I'DRs frorn the CSIB TDR Batik; and, WHEREAS, in order the satisfy the Required TDRs, the City intends to sell to the Assignee, on Navarro's behalf, TDRs from the Navarro TDR Banktogether with TDRs front the CSIB TDR Bank ; and, WHEREAS, from the Effective Date through the Closing (as later defined liercin) the City will continue to sell Navarro TDRs to willing buyers prior to selling TDRs from the CSIB TDR Bank. NOW, THEREFORE, in consideration of the payment by Assignee to the City and Navarro 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: I . Recitals. The above recitals are trucand correct and archcreby incorporated by reference herein. 2. Site Plan Approval. Subject to the City Commission approving the site plan for the project commonly known as the "Bentley Residences" Linder application PZ2021-06, the City and Navarro agree 5818359 1;3