Reso 2014-2321 - Laserfiche WebLink

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Sunny Isles Property Ventures, LLC Page Two The southernmost parcel, 15701 Collins Avenue, includes a partial shell structure from a previously proposed project known as Solis. The northern parcel, 15795 Collins Avenue, is basically vacant, currently houses a mobile or manufactured sales office for a neighboring project. The parcels are currently under a single ownership and a large scale residential- condominium project is planned. All existing improvements will be removed. As per the LDR, at the time of approval of the TDR's, the City Commission shall consider the acceptance of the appraised land value for the receiving site as follows: the cost for a square foot of development right shall be determined by the market value of the receiving site as determined by a current real estate appraisal (updated no more than three months from the date the application is heard at a public hearing) prepared for the City by an appraiser, selected by the City Manager, but paid for by the owner of the receiving site. The appraisal amount shall then be divided by the permitted floor area ratio, including bonuses on the receiver site. Zoning and Legal Officials with the City of Sunny Isles Beach established parameters with regard to the selection of comparable sales. These parameters preclude the Appraiser from going outside the City limits to search for comparable land sales. Because of the parameters and restrictions enforced by City officials toward the appraisal process the conclusion should not, and has not been, considered market value as typically defined. The conclusion is the most probable price paid by a developer for TDR's in Greater Sunny Isles Beach and not a market supported value. The appraiser has previously provided consultation and value estimates for properties similar to the subject property throughout the South Florida region. As such, the appraiser is in compliance with the competency provision contained within USPAP. A copy of the appraiser's qualifications is included in the addenda. I have not provided professional services related to the subject property, as an appraisers or in any other professional capacity, within the prior three years, preceding this date of appraisal.