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� •FLOC 4 <br />c,rx aF sW�� hyo <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: Stan Morris, City Manager <br />FROM: Claudia C. Hasbun, Planning and Zoning Director <br />DATE: February 17, 2022 <br />RE: Transfer Development of Right (TDRs) application for Balcony Enclosure a <br />Mansions at Acqualina unit 1101(PZ2021-23) <br />RECOMMENDATION: <br />This application is consistent with the City's Comprehensive Plan and the City's Land Developmen <br />Regulations. Staff has reviewed the application requests and has no objection if all conditions are <br />accepted. <br />REASONS: <br />The Applicant is requesting approval for the purchase and assignment of TDRs in the amount of 30E <br />square feet of FAR and 0 dwelling units from the City's public TDR bank account. The appraisal repor <br />done by Appraisal First Real Estate Appraisers, LLC., date stamped January 6', 2022, reflects the <br />square foot market value of the subject property (17749 Collins Ave) as $125.00 of allowable FAR. The <br />Applicant has agreed to pay the square foot value of $125.00. Thus, the total TDR purchase i! <br />$38,500.00. The required deposit of 10% is equal to $3,850.00 and is due three days after site plan <br />approval. The remaining fee is due prior building permit is issued. The effect of the TDRs purchase anc <br />approval on the project would be an increase in intensity (square footage). <br />ATTACHMENTS: <br />Resolution <br />TDR Application <br />Appraisal Report <br />Item Number: 10.6 <br />136 <br />