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City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />r <br />o(305) 947 -0606 City Hall <br />o: SUN 'S: 949 -3113 Fax <br />MEMORANDUM <br />TO: The Honorable Mayor and City Commission <br />VIA: Christopher J. Russo, City Manager <br />FROM: Claudia Hasbun, Planning and Zoning Administrator <br />DATE: 10/16/2014 <br />RE: Sunny Isles Property Venture, LLC - Transfer Development Rights <br />Application <br />15701 & 15795 Collins Avenue <br />Appl. No. PZ2014 -11 <br />RECOMMENDATION: <br />Based on staff review of the submitted TDRs application, the application is consistent <br />with the City's Comprehensive Plan and the City's Land Development Regulations and <br />staff does not have any objection to the assignment and transfer. <br />REASONS: <br />The Applicant is requesting approval of the assignment and purchase of Transfer <br />Development Rights ( "TDRs ") in the amount of 132,463 square feet of floor area and 52 <br />dwelling units where 83,445 square feet of floor area and 42 dwelling units are from a <br />private TDRs' bank account and 49,018 square feet and 23 dwelling units are from the <br />City's Transfer of Development Rights Bank ( "TDR Bank "). The City Commission shall <br />consider the acceptance of the appraised land value in the amount of Fifty Five Million <br />Dollars ($55,000,000) for the receiving site for the purpose of calculating the square foot <br />value of the approved TDRs, where the Applicant has agreed to pay $125.00 per square <br />feet. The total amount to be paid to the City is Six Million One Hundred Twenty Seven <br />Thousand Two Hundred Fifty Dollars ($6,127,250.00) from the Applicant for the <br />payment of TDRs in the amount of Forty Nine Thousand Eighteen (49,018) square feet <br />of floor area and Twenty Three (23) dwelling units. However, the assignment to the <br />Applicant will be Forty Nine Thousand Eighteen (49,018) square feet of floor area and <br />Ten (10) dwelling units. The Applicant shall provide the City with a non - refundable <br />deposit in the amount Six Hundred Twelve Thousand Seven Hundred Twenty Five <br />Dollars ($612,725) which is 10% of the approved purchased price of Six Million One <br />