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yF �• FLOP\ y4 <br />f�T` OF SUN 'aG <br />TO: <br />VIA: <br />FROM <br />DATE: <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947 -0606 City Hall <br />(305) 949 -3113 Fax <br />(305) 947 -2150 Building Department <br />(305) 947 -5107 Fax <br />MEMORANDUM <br />The Honorable Mayor and City Commission <br />Christopher J. Russo, City Manager <br />Claudia Hasbun, Planning and Zoning Administrator <br />November 20, 2014 <br />RE: 17700 Collins Avenue Owner, LLC. — TDRs Application <br />Residence Inn by Marriott — Sunny Isles Beach <br />17700 Collins Avenue <br />Appl. No. PZ2014 -14 <br />City Commission <br />Norman S. Edelcup, Mayor <br />Isaac Aelion, Vice Mayor <br />Jeanette Gatto, Commissioner <br />Jennifer Levin, Commissioner <br />George "Bud" Scholl, Commissioner <br />Christopher J. Russo, City Manager <br />Hans Ottinot, City Attomey <br />Jane A. Hines, City Clerk <br />REQUEST: The Applicant is requesting to approve the utilization of public TDRs in the <br />amount of 13,766 square feet of development rights and 0 dwelling units. <br />However, the reduction from the City's TDRs bank will reflect a total of 13,766 <br />square feet and eight (8) dwelling units. The effect of the TDR's purchase and <br />approval on the project would be an increase in F.A.R. only since this project <br />does not include a residential component. <br />The appraisal report reflects the square foot value of a TDRs as Forty Three <br />Dollars ($43.00) per square foot. Thus, the total TDR purchase is $591,938. <br />The Applicant shall provide the City with a non - refundable deposit in the <br />amount of ten percent (10 %) of the approved purchased price of $591,938 <br />for the Transfer Development Rights (TDRs) purchased from the City Bank. <br />The total amount of the deposit is $59,195. Failure to pay the required deposit <br />within the three (3) working days of approval of the Transfer Development <br />Rights (TDRs) application and site plan application shall result in an <br />automatic voiding of the City Commission approval of the Receiving Site, <br />transfer of Transfer Development Rights (TDRs), and site plan approval. <br />RECOMMENDATION: <br />Based on staff review of the submitted TDRs application, the application is <br />consistent with the City's Comprehensive Plan and the City's Land <br />Development Regulations and staff does not have any objection to the <br />assignment of TDRs. <br />