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Item Coversheet Page 1 of 2 °F S°""` e City of Sunny Isles Beach Lt `;o'°z 18070 Collins Avenue :-`z,� Sunny Isles Beach,Florida 33160 ti, �,�,oa`°�;' (305)947-0606 City Hall c,"o,,•.j,' (305)949-3113 Fax MEMORANDUM TO: The Honorable Mayor and City Commission VIA: Christopher J. Russo,City Manager FROM: Claudia Hasbun, Planning and Zoning Manager DATE: 12/17/2015 • Ordinance Amending Sections 265-34, 35, 36 and 38 of RE: the Zoning Code Regarding Increment of Pricing for Bonus Participation Unit RECOMMENDATION: The purpose of this memorandum is to review the price for the bonus participation unit under the development bonus program as required by Chapter 265 of the Land Development Regulations. This review is generally required every two (2) years by the City Manager or his designee. REASONS: Background As you know, the City's Comprehensive Master Plan and Chapter 265 of the Land Development Regulations (LDRs) permit developers with the opportunity to increase density and intensity by the • purchase of monetary bonuses under the development bonus program. The funds from the bonus program are allocated to the City's Capital Improvement Program. There are a total of six (6) monetary bonuses under the development bonus program. Specifically, the following bonuses are available under the program: (1) Beach Access Bonus; (2) Public Beach Recreational Bonus; (3) Collins Avenue Streetscape Bonus; (4) Sunny Isles Beach Public Parking Bonus; (5) Public Oceanfront Park and Open Space Enhancement Bonus; and (6) Educational and Cultural Infrastructure Bonus. Currently, a participation unit from any of the bonus programs is priced at$72,000.00. As indicated below, the participating unit price for a bonus is extremely low in comparison to the increase in the price of construction for development projects in the City of Sunny Isles Beach. Moreover, the participation unit price of a bonus in terms of per square foot is extremely low in comparison to the pricing for Transfer of Development Rights(TRDs)on a per square foot basis. For example,the most recent price for TDRs on a per square foot basis is $125 per square feet whereas a participation unit price on a per square feet basis is$33.05 per square feet. Bonus Analysis and Formula Since the implementation of the density and intensity bonus program, the City has tracked development costs and value,which include transfer development rights, property values, and the costs for the Capital Improvement Programs. The associated costs of the Capital Improvement Programs together with the long term needs of the City require a closer nexus between the current value of the participating unit price under the bonus program and the Capital Improvement Programs. As indicated in the table below, the price increment of the bonus participation unit has been steady and consistence over-time, and the value is based under the same nexus as in previous analysis,which is the increase in land value together with the costs of Capital Improvement projects over the next five fiscal years.While the City Commission had created two additional bonus categories to promote development in 2011 pursuant to Ordinance No. 2011-377, adopted on November 17, 2011, the City Commission did not raise the price of the bonus participation unit. http://sunnyisles.novusagenda.com/AgendaWeb/CoverSheet.aspx?ItemID=1814 12/11/2015 I