Reso 2014-2274 - Laserfiche WebLink

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agrees to split with the City on a fifty-fifty basis the sale proceeds that are more than One Hundred ($100.00) Dollars per square foot. The City assumes no obligation and makes no warranty with respect to the saleability of or market for Settlement TDRs. The Settlement TDRs shall be deposited in a TDR sub -bank account for the Temple pursuant to the process set forth in Paragraph 4 below. The sale of the Settlement TDRs by the Temple requires approval of the City Commission, which shall approve such sale upon the joint application of the Temple and Keith D. Silverstein, P.A., in the same manner as the City has approved other private sales of TDRs or in the same manner as if the City were to sell the Settlement TDRs from its own account, in the event the City is requested by the Temple to sell the Settlement TDRs. b. Upon deposit of the Settlement TDRs into a TDR sub -bank account designated and owned by the Temple, the remaining unused development rights on the Property shall be Forty Thousand (40,000) square feet of floor area and Twenty (20) dwelling units ( "Remaining Development Rights "). The Temple acknowledges and agrees that the Remaining Development Rights shall be the maximum amount of allowable development rights that can be utilized for building purposes on the Property, unless otherwise modified by the City. The Temple further agrees that any redevelopment of the Property shall be consistent with the City Code, the historic designation of the property, and the irrevocable covenant to be recorded as set forth in Paragraph 3(c) below. C. In return for the monetary consideration and Settlement TDRs as set forth in Paragraph 3(a), 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 200 178`h Street, Sunny Isles Beach, Florida 33160 (the "Property") to restrict the use of the Property to religious use or as a religious institution in perpetuity, and that the historic designation shall remain intact 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. No changes to Chapter 171 Historic Landmarks of the City Code of Ordinances after the date of this Agreement shall apply to the Temple except if the changes benefit the owner of the property. The irrevocable covenant shall fiuher include a provision restricting the buildable square footage and residential density to the Remaining Development Rights as set forth in Paragraph 3(b) above, unless otherwise modified by the City taking into account the existing development rights that have already been used for the property. As a condition of and prior to the actual deposit of the Settlement TDRs contemplated in Paragraph 3(a), the Temple and the City shall agree to the form and language of the irrevocable covenant discussed in this paragraph. The Temple agrees to record the agreed -upon irrevocable covenant in the public records of Miami -Dade County within Five (5) business days following the deposit of the Settlement TDRs into a TDR sub -bank account designated and owned by the Temple. 4. Process to Create TDR Bank Account for Temple. Upon passage of an appropriate resolution, the City shall transfer the Settlement TDRs from its TDR bank to a designated TDR sub -bank account created for the benefit of the Temple. 5. Dismissal of Litigation. Upon the execution of this Agreement by all parties, satisfaction of the conditions set forth herein and consideration as set forth in Paragraphs 3 and 4 above, respectively, the parties shall execute and file a joint notice of dismissal with prejudice of the Lawsuit, with each party to bear its own costs and attorneys' fees. SM