Reso 2026-3963 - Laserfiche WebLink

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Eric Fordin MB RE Investments LLC Page Two The Sunny Isles Beach Land Development Regulations (LDR) permits a base Floor Area Ratio (FAR) of 2.5 times the land area, for NU-R zoned, oceanfront, properties. A developer is permitted to purchase bonuses for providing various public beach access, open space enhancements, recreational enhancements, parking fund contributions, etc. The total bonuses can increase a project's FAR by a maximum of 2.10 or a total of 4.6. A developer can purchase TDR's from the TDR bank of Sunny Isles Beach. The intended use of this report is to help establish a purchase price for the TDR's. The intended user is the listed property owner, their representatives and officials with the City of Sunny Isles Beach. This report may not be fully understood by users other than the property owner, their representatives and the appropriate officials with the City of Sunny Isles Beach. As per the LDR, at the time of approval of the TDR's, the City Commission shall consider the acceptance of the appraised land value for the receiving site as follows: the cost for a square foot of development right shall be determined by the market value of the receiving site as determined by a current real estate appraisal (updated no more than three months from the date the application is heard at a public hearing) prepared for the City by an appraiser, selected by the City Manager, but paid for by the owner of the receiving site. The appraisal amount shall then be divided by the permitted floor area ratio, including bonuses on the receiver site. Zoning and Legal Officials with the City of Sunny Isles Beach previously established parameters with regard to the selection of comparable sales. These parameters preclude the Appraiser from going outside the City limits to search for comparable land sales. This is mainly due to the City's allowance for higher FAR's and building heights when compared to other oceanfront communities. Because of the parameters enforced by City officials the limit the scope of work and appraisal process, and the limitation of comparable sales activity, the conclusion should not, and has not been, considered market value, as typically defined. The conclusion is the most probable price paid by a developer for TDR's in Greater Sunny Isles Beach and should not be misconstrued as market supported value. Because the intended use of the appraisal is for internal purposes, related to establishing a purchase price for the TDR's, the report may not be in conformance with Title XI of FIRREA and Department of the Treasury Interagency Appraisal and Evaluation Guidelines. The appraiser has previously provided consultation and value estimates for properties similar to the subject property throughout the South Florida region. As such, the appraiser is in compliance with the competency provision contained within USPAP. A copy of the appraiser's qualifications is included in the addenda. 534