Laserfiche WebLink
1/15/2016 Item Coversheet <br /> N <br /> S�=u.= City of Sunny Isles Beach <br /> t <br /> r.=' • <br /> �, 18070 Collins Avenue <br /> - ._ . Sunny Isles Beach,Florida 33160 <br /> 'a a�P (305)947-0606 City Hall <br /> :1P ': O` y�e <br /> `-‘,,o svN■.•° (305)949-3113 Fax <br /> MEMORANDUM <br /> TO: The Honorable Mayor and City Commission <br /> FROM: Mayor George"Bud"Scholl <br /> DATE: 1/21/2016 <br /> Donation of Transfer of Development Rights("TDRs")in <br /> RE: the amount of 75,000 square feet of floor area and 35 <br /> dwelling units to Corner House LLC for the Property <br /> Located at 18801 Collins Avenue <br /> RECOMMENDATION: <br /> It is recommended that the City Commission approve the proposed <br /> Resolution for the transfer of Development Rights ("TDRs") in the <br /> amount of 75,000 square feet of floor area and 35 dwelling units to <br /> Corner House LLC for the Property Located at 18801 Collins Avenue. <br /> REASONS: <br /> After extensive negotiations between the Property Owner, Corner <br /> House, LLC, ("Corner House") and the City of Sunny Isles Beach <br /> ("City"), the parties have reached an agreement to include the <br /> following key business terms: <br /> 1. City will donate 75,000[1]square feet of floor area and 35 dwelling <br /> units to Corner House for the property located at 18801 Collins <br /> Avenue("Veradero"). <br /> 2. The Property located at 18590 Collins Avenue will be donated to the <br /> City for public purposes. The City will have full control and use of the <br /> Property upon acceptance of the dedication of the Property. <br /> 3. Corner House will make a cash payment to the City for <br /> improvements to the site in the amount of $437,500.00 within 30 <br /> months from the date of acceptance of the dedication. <br /> 4. The City will lease the property located at 15800 Collins Avenue to <br /> Corner House or a related entity for$5,000.00 per month for up to 18 <br /> months at the end of the current lease to an entity owned by Dezer <br /> Development Corp. ("Dezer"). However, this lease to Corner House <br /> will only be exercised in the event active marketing and sales efforts <br /> for the Ritz-Carlton Residences project are still ongoing at the end of <br /> the current lease period to Dezer Properties. <br /> Additionally, I am informing you that the principals of Corner House <br /> are involved in the Ritz-Carlton Residences and are negotiating an <br /> agreement with Dezer to lease the 15800 Collins Avenue sales office <br /> / for the remainder of the term allotted to Dezer by the City to market <br /> the Ritz-Carlton project. The length of this remaining term is <br /> approximately two and a half years. This would eliminate the need for <br /> the principals of Corner House to build a sales center on the <br /> oceanfront project site. Therefore, provided the Ritz-Carlton <br /> httpJ/sunnyisles.novusagenda.com/agendaweb/CoverSheet.aspx?Item ID=1837 1/2 <br />