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Section 1. Incorporation of Recitals. The foregoing recitals are true and correct and are <br />incorporated herein by reference as if they are fully set forth herein. <br />Section 2. Authorizing the Transfer of Development Rights. Pursuant to Section 265 -23 of the <br />City Code and in accordance with Zoning Resolution No. I 2..Iy4the City Commission hereby <br />authorizes the transfer of the development rights in the amount of Fifteen Thousand Seven Hundred <br />Ninety Seven (15,797) square feet of floor area and Zero (0) dwelling units to GSF Acquisition, <br />LLC. from the City's TDR bank account. <br />Section 3. Directive to Zoning Administrator. The Zoning Administrator or designee is hereby <br />directed to transfer the development rights from the City's TDR Bank to Beach Acquisition, LLC. <br />Inc., in accordance with Zoning Resolution No. 14 -7 <br />Section 4. Authorizing the Adjustment and Modification of TDRs. The Zoning Administrator <br />is hereby authorize to adjust by decreasing the City's TDR bank account by Fifteen Thousand <br />Seven Hundred Ninety Seven (15,797) square feet of floor area and Seven (7) dwelling units. <br />Section 5. Authorizing Payment Agreement of the Transfer of Development Rights. The <br />Applicant shall provide the City with a non - refundable deposit in the amount One Hundred Ninety <br />Seven Thousand Four Hundred Sixty Three Dollars (5197,463) which is 10% of the approved <br />purchased price of One Million Nine Hundred Seventy Four Thousand Six Hundred Twenty Five <br />Dollars (51,974,625) within. three (3) working days of the approval of this Resolution. The <br />remainder of the payment is due prior to issu ce of the building permit for the site plan approved <br />in accordance with Zoning Resolution No. I Z -1 <br />Section 6. Authority of the City Manager and City Attorney. The City Manager and City <br />Attorney are hereby authorized to do all things necessary to effectuate this Resolution. <br />Section 7. Effective Date. This Resolution shall become effective upon adoption. <br />PASSED AND ADOPTED this IS day of September, 2014. <br />ATTEST: <br />P <br />Jane A. Hines „City Clerk; MMC <br />GSF Acquisidon a /k /a.Palazzo Di Acqualina - Gi TDR Bank Page 2 of 3 <br />