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Summary Minutes:Regular City Commission Meeting November 20.2014 City of Sunny Isles Beach.Florida <br /> 107. A Resolution of the City Commission of the City of Sunny Isles Beach,Florida,Confirming <br /> the Balance of Transfer of Development Rights ("TDRs") Currently Held in the TDR <br /> Bank Accounts by the City of Sunny Isles Beach and Private Owners,Attached Hereto <br /> as Exhibit "A"; Requiring Yearly Updates for TDRs Bank Accounts; Providing. the City <br /> Manager with the Authority to Do All Things Necessary to Effectuate this Resolution; <br /> Providing for an Effective Date. <br /> Action: City Clerk Hines read the title, and Zoning Administrator/Plannine Manager <br /> Claudia Hasbun reported. <br /> Public Speakers: None <br /> Commissioner Scholl asked if we have an estoppel from the private owners that agrees with <br /> our reconciliation because we are opining the private and the public bank? City Attorney <br /> Ottinot said no but we deduct all the TDRs from the private banks, we then get a transfer, a <br /> resolution for the Commission to approve to confirm the transfer. Also we have them sign <br /> the Agreement, and so the TDR Resolution is basically an estoppel. Commissioner Scholl <br /> said then that we have a clean mechanism for making sure that it is right. City Attorney <br /> Ottinot said yes, noting they will be cleaning up the Temple to close out that donation from <br /> the private bank from when we did the Tumberry Project. <br /> Mayor Edelcup said over the years since TDRs were invented by us, we have accumulated <br /> some 2,200,000 square feet of TDRs of which we have sold to developers, approximately <br /> half of those, 1.1 million, for about $58 Million which went a lone way to building the Parks <br /> and the green space in our City. We still have potentially another 1.1 Million to sell,and the <br /> current market value on the Oceanside is $125 or more for a square foot. The City can <br /> probably put a value on it of over S125 Million of potential future sales that can take place <br /> given today's price levels if they were sold on the east side. The use of TDRs has been an <br /> economic boom to the City and has helped financing.much of the infrastructure that we have <br /> put into our City. He has always asked that we do this on an annual basis to make sure the <br /> Commission, now and the future, reviews them and are cognizant of what is still available. <br /> Vice Mayor Aelion moved and Commissioner Scholl seconded a motion to approve the <br /> resolution. Resolution No. 2014-2341 was adopted by a voice vote of 5-0 in favor. <br /> ION. A Resolution of the City Commission of the City of Sunny Isles Beach, Florida, Approving <br /> the First Amendment to the Agreement with Bell David Planning Group, Inc. for <br /> Planning and Zoning Review Services, in an Amount Not to Exceed$45,000.00,Attached <br /> Hereto as Exhibit "A"; Authorizing_ the Mayor to Execute Said Agreement; Providing_ the <br /> City Manager and the City Attorney with the Authority to Do All Things Necessary to <br /> Effectuate this Resolution; Providing for an Effective Date. <br /> Action: City Clerk Hines read the title, and Zoning Administrator/Planning Manager <br /> Claudia Hasbun reported. <br /> Public Speakers: None <br /> Commissioner Gatto moved and Vice Mayor Aelion seconded a motion to approve the <br /> resolution. Resolution No. 2014-2342 was adopted by a voice vote of 5-0 in favor. <br /> 28 <br />