Zoning Resolution 26-Z-221 - Laserfiche WebLink

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Applicant has acknowledged that the bonus participation unit rates may change prior to the issuance of the below grade or master building permit for the proposed project. If the bonus participation unit rates increase prior to the issuance of a below grade or master building permit, the Applicant, its successors or assigns, shall (a) increase the total purchase price of the bonus units being acquired hereunder to account for the new unit rates and (b) remit to the City a true -up deposit for 10% of the positive difference between the new total purchase price for the bonus units after accounting for the new unit rates over the total purchase price for the bonus units determined in this resolution. This true -up payment will be made by the Applicant within three (3) working days of receipt by the Applicant of notice from the City of the increase of the bonus participation unit rates. Finally, any financing of the purchase price of bonus units approved in this resolution shall apply to the updated purchase price determined by the new bonus unit rates and the note evidencing such financing shall be modified accordingly. 10. That the Applicant shall submit evidence of purchase of the 120,972.18 square feet of floor area and 48 dwelling units of Transfer Development Rights (TDRs) purchased from the City's Public TDR's Bank. That the Applicant provides the City with a non- refundable deposit in the amount of ten percent (10%) of the approved purchased price of $15,121,522.50 for the TDRs. The total amount of the deposit is $1,512,152.25. Failure to pay the required deposit within the three (3) working days of approval of the TDRs application and site plan application shall result in an automatic voiding of the City Commission approval of the Receiving Site, transfer of TDRs, and site plan approval. The Applicant is proposing to enter into an installment payment plan, in the form of a Promissory Note, in accordance with the City's Code for the remaining balance (90%). If approved, this agreement shall be executed prior to below grade or master building permit of the project. 11. Prior to issuance of a below grade or master building permit, documentation evidencing the transfer of development rights shall be recorded against the title of the receiving site, in the public records of Miami -Dade County, Florida and an irrevocable covenant running with the land, which shall include the additional FAR (TDR), required parking and all other conditions, restrictions, and obligations imposed as conditions of the approval by the City Commission and the LDRs, shall be recorded against the title to the receiving site, in the public records of Miami -Dade County, Florida. The covenant and all other documents recorded pursuant to this section shall include a warning that the approval of the TDRs shall be extinguished, become null and void, and shall be of no further force or effect in the event no building permit is issued for the receiving site within 24 months (or other period of time agreed to by the City Commission) from the date the resolution is rendered, and shall contain a statement by which the owner(s) of the receiver site shall agree to bind itself, its successors and assigns with regard to all conditions, restrictions, and obligations contained therein, and, further, shall include a statement prohibiting any changes, amendments, modifications or releases to the document without the prior written PZ2025-08 MB RE Investments LLC.docx Page 7 of 12