Reso 2014-2274 - Laserfiche WebLink

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( "Settlement TDRs ") in a TDR sub -bank account specifically designated for the Temple no later than July 31, 2014; • the Settlement TDRs shall be unrestricted and can be transferred to sites that are designated as receiving sites under the City's zoning code. The potential receiving sites include but are not limited to the beachfront properties located east of Collins Avenue in the City; • In the event that the Temple requests that the City sell the Settlement TDRs on its behalf, and if the Settlement TDRs are sold by the City for more than One Hundred Dollars ($100.00) per square foot, the Temple agrees to split with the City on a fifty -fifty basis the sale proceeds that are more than One Hundred Dollars ($100.00) per square foot; • Upon deposit of the Settlement TDRs into a TDR sub -bank account designated and owned by the Temple, the remaining unused developments rights on the property shall be Forty Thousand (40,000) square feet of floor area and twenty (20) dwelling units, collectively referred as the "Remaining Development Rights "; • In return for the monetary payment of $175,000.00 and the Settlement TDRs, the Temple agrees to execute and record an irrevocable covenant running with the land in the public records of Miami Dade County for the property located at 200 178th Street, Sunny Isles Beach, FL 33160, to restrict the use of the property to religious use or as a religious institution in perpetuity; • the irrevocable covenant shall further require the property to be preserved as a historic site in perpetuity in accordance with Resolution No. 2010 -1597 of the City Commission of the City of Sunny Isles Beach, adopted on September 2, 2010; and • upon the execution of the settlement agreement and release and satisfaction of the terms and conditions set forth therein as well as the restrictive covenant, the parties shall execute and file a joint notice of dismissal with prejudice of the Iawsuit styled "Temple B'Nai Zion, Inc. v. City of Sunny Isles Beach, et al. case no. 10- 24549- CIV -KMW" with each party to bear their own costs and attorney's fees.