Zoning Resolution 23-Z-204 - Laserfiche WebLink

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RESOLUTION NO. 23-Z- ?,b>'f A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, APPROVING A SITE PLAN MODIFICATION APPLICATION (PZ2023-14) SUBMITTED BY 18401 DEVELOPERS, LLC FOR THE PROJECT ENTITLED "BENTLEY RESIDENCES" TO DECREASE THE HEIGHT OF THE OVERALL BUILDING FROM 741'- 5" TO 710'-6" (TOTAL REDUCTION OF 31'); APPROVING THE TERMS AND CONDITIONS OF THE PROMISSORY NOTE FOR THE PAYMENT OF PREVIOUSLY APPROVED BONUSES AND TRANSFERABLE DEVELOPMENT RIGHTS (TDR'S) IN THE AMOUNT OF $29,623,182.75; PROVIDING THE CITY MANAGER WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEALER; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, 18401 Developers, LLC (the "Applicant") is seeking approval of a Site Plan Modification (PZ2023-14) to modify the approved site plan for the Bentley Residences project which was approved by the City of Sunny Isles Beach ("City") pursuant to Resolution No.21-Z- 182, passed and adopted September 14, 2021; and WHEREAS, pursuant to Resolution No. 21-Z-182, the City Commission approved the Applicant's request for a payment agreement for the bonuses and City's TDRs, not paid -in kind over a period of time and on terms approved by the City Commission; and WHEREAS, the Applicant's proposed payment agreement is for an indebtedness of $29,623,182.75, together with annual interest from the execution date of the agreement at a rate of Prime plus one-half percent (0.5) per annum; and WHEREAS, the Applicant is seeking the City Commission's approval of the terms and conditions for Applicant's promissory note for the payment of previously approved bonuses and TDRs, not paid in-kind over a period of time; and WHEREAS,'the Applicant's site plan modification application requests the following: Pursuant to Section §265-18 of the City of Sunny Isles Beach Land Development Regulations, the Applicant is requesting a Site Plan Modification to an approved site plan to decrease the height of the building. The previously approved building height was 741'- 5" and the proposed building height is 710'-6", approximately 31' lower. Legal Description: TRACT "M", LESS THE SOUTH 350 FEET AS MEASURED AT 90' TO THE SOUTHERLY BOUNDARY, AMENDED PLAT OF NORTH BISCAYNE BEACH, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 44 AT PAGE 42, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA. ALL THE PROPERTY THEREON IS BOUNDED ON THE EAST BY THE