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RESOLUTION NO. 2014- 2303 <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE <br />TRANSFER OF DEVELOPMENT RIGHTS ( "TDRS ") IN THE <br />AMOUNT OF FIFTEEN THOUSAND SEVEN HUNDRED NINETY <br />SEVEN (15,797) SQUARE FEET OF FLOOR AREA ( "FAR ") AND <br />SEVEN (7) DWELLING UNITS TO GSF ACQUISITION, LLC. FOR <br />THE PROPERTY LOCATED AT 17901 COLLINS AVENUE FROM <br />THE CITY'S TDR BANK ACCOUNT; DIRECTING THE ZONING <br />ADMINISTRATOR OR DESIGNEE TO TRANSFER THE TDRS <br />FROM THE CITY'S BANK AC OUNT IN ACCORDANCE WITH <br />ZONING RESOLUTION NO. 1+Z- ; AUTHORIZING FOR <br />THE ADJUSTMENT AND MODIFICATION OF THE CITY'S TDR <br />BANK; PROVIDING THE CITY MANAGER AND CITY <br />ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br />WHEREAS, by Zoning Resolution No.Itj.Z' �!4adopted September 18, 2014; the City <br />Commission approved the zoning application submitted by GSF Acquisition. LLC., ( "Applicant ") <br />for the transfer of TDRS in the amount of Fifteen Thousand Seven Hundred Ninety Seven (15,797) <br />square feet of floor area and Seven (7) dwelling units; and <br />WHEREAS; pursuant to Section 265 -23E of the Code of the City of Sunny Isles Beach, <br />the City Commission shall consider the acceptance of the appraised land value in the amount of <br />One Hundred Forty Million Dollars ($140,000,000) for the receiving site for the purpose of <br />calculating the square foot value of the approved TDRs; and <br />WHEREAS, the Applicant is required to pay a per square foot price of One Hundred <br />Twenty Five Dollars ($125.00) as set forth in the appraisal attached as Exhibit "A ": and <br />WHEREAS, the City Commission agrees to accept One Million Nine Hundred Seventy <br />Four Thousand Six Hundred Twenty Five Dollars (S 1974,625) from the Applicant for the payment <br />of Fifteen Thousand Seven Hundred Ninety Seven (15,797) square feet of floor area and Seven (7) <br />dwelling units of TDRs; and <br />WHEREAS. the property receiving the TDRS is located at 17901 Collins Avenue, Sunny <br />Isles Beach and is legally described in Zoning Application No. PZ2014 -09; and <br />WHEREAS, the City Commission wishes to approve the transfer of the TDRs <br />contemplated herein in accordance with its TDRs ordinance. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />GSF _Acquisition a /k /a Palazzo Di Acqualina - City TDR Bank Page 1 of 3 <br />