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landscape permit application prior to demolition. <br />8. That palms along Collins Avenue be at least 12' clear -wood Medjool Palms or shall <br />match adjacent palms' heights, to be consistent with the City Streetscape Master Plan. <br />9. That the Applicant must present evidence of performance to the Planning & Zoning <br />Department of the obligation required to qualifyfor the Floor Area Ratio bonuses. In <br />the event that the Applicant has done so and prior to issuance of a below grade or <br />master building permit, the Applicant shall acquire the following floor area ratio <br />bonuses: <br />a) <br />Beach Access Trust Fund <br />0.20 FAR <br />$1,609,935.72 <br />b) <br />Beach Access Easement <br />0.10 FAR <br />$ 0.00 (*) <br />c) <br />Public Beach Rec. Enhancement <br />0.60 FAR <br />$4,829,807.16 <br />d) <br />Collins Ave Streetscape <br />Enhancement <br />0.60 FAR <br />$4,829,807.16 <br />e) <br />SIB Public Parking Bonus <br />0.20 FAR <br />$1,609,935.72 <br />f) <br />Public Oceanfront & Open Space <br />0.20 FAR <br />$ 0.00 (*) <br />Educational and Cultural Bonus <br />0.20 FAR <br />$1,609,935.72 <br />(*) non -monetary floor area ratio bonus <br />The FAR bonus program consists of participation units, which in this case are equal to <br />36 participation bonus units (where each participation unit has a value of 0.05 FAR). <br />In detail, the bonus formula is the lot size (acres), timesthe participation units, times <br />the price of the participation unit, for this case is as follows: <br />2.012419651 (acres) x 36 (participation units) x $200,000 (price/participation unit) _ <br />$14,489,421.49 <br />The total contribution for all Floor Area Ratio bonuses for the development is <br />$14,489,421.49 for a total increase of 2.1 FAR or 184,088.10 square feet of FAR and <br />60 dwelling units. The Applicant, its successors or assigns, shall provide the Citywith <br />a non-refundable deposit in the amount of ten percent (10%) of the approved <br />purchased price of $14,489,421.49 for the FAR bonuses acquired from the City. The <br />total amount of the deposit is $1,448,942.15. Failure to pay the required deposit <br />within the three (3) working days of approval of the site plan application shall result <br />in an automatic voiding of the City Commission site plan approval. The Applicant is <br />proposing to enter into an installment payment plan, in the form of a Promissory <br />Note, in accordance with the City Code for the remaining balance (90%). If approved, <br />this agreement shall be executed prior to below grade or master building permit of <br />the project. <br />PZ2025-08 MB RE Investments LMdocx Page 6 of 12 <br />