Reso 2015-2406 - Laserfiche WebLink

Home Browse Search

OR BK 29584 PG 0337 LAST PAGE efficient mechanism for property tax purposes and allocation of operating expenses for the purposes of maintaining and managing the building. Purchase Price of Alamo Site As required by law, we have received two appraisals for the Alamo site that currently value the parcel between $9.5 million and $10 Million Dollars. These appraisals are attached to the Resolution. These appraisals clearly indicate the market for the property. The City is paying $7 million dollars cash, and donating 20,000 square feet of Transfer of Development Rights ("TDRs"), and releasing the "west side only restriction" imposed on 33,750 square feet of TDRs previously donated as part of the sale of the Alamo site to the Dezers. In exchange, we will get the Alamo property plus a pedestrian bridge easement parcel on the southern corner of the Trump International Hotel so we have the potential for a future pedestrian bridge crossover. The following is a breakdown of the purchase. Cash $7 million dollars New TDRs $2.5 million dollars = 20,000 sq. ft. of TDRs x $125 per square foot (From the City's TDR bank) Old TDRs $573,750 = 33,750 sq. ft. of TDRs (previous donation) x $17 per square foot (This is what we have charged when we allowed west side TDRs to become east or west.) Total Consideration $10,073,750. Expansion of Intracoastal Park System For a number of years, the City Commission had a strong desire to expand the Intracoastal Park System to Arlen House. We have negotiated a deal that will permit the expansion of Intracoastal Park. Before former Mayor Edelcup left office, he was negotiating with the Dezers to acquire the property located at 15800 Collins Avenue ("Sales Center') to expand the Intracoastal Park area. The property is located in front of the Arlen House Marina. We resurrected that negotiation and tied it into the acquisition of the Alamo site described above making the two into a package. We agreed to honor the terms of the agreement that was previously negotiated regarding the Sales Center. The City agrees to donate 80,000 square feet of TDRs in exchange for ownership of the Sales Center property. The City will allow the Dezers to lease the property at a nominal rent for three years. Most importantly, the transaction is mutually beneficial because the City is able to recapture most of the donated TDRs when it converts the property to a park. There is no fiscal impact in this transaction and very little impact to the City's TDR Bank. The following is the existing development rights on the Sales Center property: Lot area: 31,072 sq. ft. (0.71 acres) Zoning : RMF-2 (Allows for a maximum of 60 dwelling units and 2.5 FAR per acre) Density: 42 dwelling units FAR: 77,680 sq. ft. We trust that the above has provided you with the relevant details and would appreciate your consideration and approval. 2