Reso 2014-2341 - Laserfiche WebLink

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Page two shows the amount of TDRs the City has transferred to private parties. The total amount of TDRs transferred is 1,181,454 square feet and 616 units. There is a current balance in the City's TDRs account of 1,021,509 square feet and 494 units as of the date of this memorandum. The decrease from last fiscal year is 153, 630 square feet and 62 units. This is the result of the Temple B'Nai Zion Settlement Agreement, as well as Beach Acquisition, LLC (Turnberry) and GSF Acquasition, LLC (Palazzo) projects. Page three of the attachment shows the funds collected by the City from the sale of TDRs to development projects. Currently the City has collected $42,443,007.25 from the sale of development rights. There is another $16,219,289.00 that the City expects to collect in the near future. Finally, page four delineates the accounts that show the amount of development rights owned by private owners. The accounts total amount to 85,771 square feet and 46 units. There is a change of 77,738 square feet and 32 units; this is the result of the Palermo Beach, LLC (later assigned to PMG -S2 Sunny Isles, LLC) and Abus, LLC (later assigned to Sunny Isles Property Venture, LLC) accounts assignment to the Sunny Isles Venture project (15701 & 15795 Collins Ave, 83,445 sq ft and 42 units); the St. Tropez account assignment to St. Tropez (29,403 sq ft and 12 units); the Dezer Development, LLC account assignment to City Center project (18080 Collins Ave); an adjustment was made to account owned by 18555 Developers, LLC to correct the square feet by 166 square feet and one unit; and the creation of a new Private TDR bank account in favor of Gil Dezer in the amount of 68,694 sq ft and 37 units from Mansiana /Solis Private TDRs account. The Temple B'Nai Zion sub - account was created and closed pursuant to Settlement Agreement during the fiscal year in the amount of 15,000 square feet and 5 units.