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Price of TDRs <br />The latest appraisal report done by Appraisal First Real Estate Appraisers, LLC. <br />Date stamped September 3rd, 2021, reflects the square foot market value as One <br />Hundred Twenty-five Dollars ($125.00) of allowable FAR. The Applicant has <br />agreed to pay the square foot value of One Hundred and Twenty -Five Dollars <br />($125.00) and City staff has agreed to accept said appraisal report. <br />Thus, the total TDR purchase is Forty -Two Thousand Eight Hundred Seventy -Five <br />Dollars ($42,875.00). Please refer to Condition No. 2 in Section VII. <br />The effect of the TDRs purchase and approval on the project would be an increase <br />in intensity (square footage). <br />3. Traffic Engineering — Not applicable <br />4. Landscaping Architect — Not applicable <br />5. Civil Engineering — Not applicable <br />VI. FINAL ANALYSIS <br />Based on the above review by City Staff, the application is consistent with the City's <br />Comprehensive Plan and the City's Land Development Regulations. The site plan <br />modification requesting an increase of 343 square feet of FAR, will only affect Unit 4806 <br />increasing the overall FAR of the unit from 5,466 square feet to 5,809 square feet of FAR. <br />The Applicant has not requested any variances as part of this application. <br />Staff has reviewed the application requests and has no objection if all conditions are <br />accepted. <br />VII. CONDITIONS <br />If the City approves this application, the application will be subject to the following <br />conditions set forth in Section VII. <br />Conditions to be completed before demolition, below grade or building permits are <br />issued. <br />1. That the plans in the approval be substantially in accordance with that submitted for <br />public hearing, which are entitled "Acqualina Residences, Unit Penthouse Level 4806 - <br />TDR Application", prepared by M + R Design Build Consulting, Corp. stamped received <br />November 24, 2021, consisting of 3 sheets. Plans are subject to revisions -based <br />comments provided by zoning staff of the City of Sunny Isles Beach. Plans are subject to <br />modification. <br />2. If the accepted appraised value is at $125.00, the Applicant shall submit evidence of <br />purchase of the required 343 square feet of floor area ratio and 0 dwelling units of Transfer <br />0 <br />