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t <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />MEMORANDUM <br />TO: Honorable Mayor and City Commissioners <br />VIA: Christopher J. Russo, City Manager <br />FROM: Claudia C. Hasbun, Development Services Director <br />DATE: September 14, 2021 <br />RE: Request to Purchase and Assignment of Transfer Development Rights frorr <br />NDPRE# 14, LLC ("Navarro") Private Bank for the Bentley Residences <br />RECOMMENDATION: <br />Staff recommends approval of this Resolution. <br />REASONS: <br />According to Site Plan Approval and Transfer Development Rights Applications (PZ2021-06), th <br />Applicant is requesting to approve the purchase and assignment of Transfer Development Right! <br />(TDRs) in the amount of 114,471 square feet of Floor Area Ratio (FAR) of development rights and r <br />dwelling units from the NDPRE # 14, LLC ("Navarro") Private Bank with an adjustment from th <br />Navarro Private TDRs bank in the amount of 114,471 square feet of FAR and 51 dwelling units <br />Pursuant to Resolution 2018-2840, the City approved a Land Donation and Transfer of Developmeni <br />Rights Agreement between the City and Navarro ("Navarro Agreement"), which requires the City b <br />sell the private TDRs held in favor of Navarro before the City can sell any TDRs held in the City's publi <br />TDR account. <br />This TDR transaction will utilize the sale of TDRs from the Navarro Private TDR bank account in th <br />amount of 114,471 square feet of FAR and 51 dwelling units, of which only Twenty Eight (28) dwellin@ <br />units will be assigned to the development project, and the remaining Twenty -Three (23) unassigned <br />dwelling units will be extinguished. <br />This private TDR account shall be closed after assignment is approved and completed. <br />Item Number: 10.0 <br />