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and further finds that the variance application should be granted, subject to the conditions <br />described herein. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, AS FOLLOWS: <br />Section 1. Incorporation of Recitals. The foregoing recital paragraphs are hereby ratified and <br />confirmed as being true and the same are hereby made part of this Resolution. <br />Section 2. Findings and Conclusions. Based upon an analysis of the Application and the <br />standards for approval of a site plan under the City's Land Development Regulations, the City <br />Commission hereby finds and concludes: <br />A. The Application is in compliance with the City's Land Development Regulations <br />and there is competent substantial evidence to support approval of the <br />Application. <br />B. The Application is consistent with the Comprehensive Plan and Land Development <br />Regulations of the City. <br />Section 3. Approval. <br />A. The Applicant's request for a sixty-two (62) story residential condominium tower with <br />a total of 524,212.8 square feet of floor area, including a 2,390 sq. ft. private <br />restaurant, and a total of 145 residential dwelling units, is hereby approved, subject <br />to all conditions set forth in Section 4, below. <br />B. The Applicant's request for the purchase and assignment of Transferable <br />Development Rights (TDRs) in the amount of 120,972.18 square feet and 48 dwelling <br />units from the City's public TDR bank account is hereby approved, subject to all <br />conditions set forth in Section 4, below. <br />C. The Applicant's request for a payment agreement, in the form of two separate <br />Promissory Notes, one for the payment of the requested development bonuses <br />andthe other for the payment of the Transferable Development Rights, not paid -in - <br />kind, over a period of time and on terms and conditions approved by the City <br />Commission, is hereby approved, subject to all conditions set forth in Section 4, <br />below. <br />D. The Applicant's request to defer the work of art requirement from the Arts in Public <br />Places Program to after site plan approval but prior to issuance of a Temporary <br />Certificate of Occupancy (TCO) is hereby approved, subject to all conditions set forth <br />in Section 4, below. <br />PZ2025-08 MB RE Investments LLC.docx Page 3 of 12 <br />