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WHEREAS, the City Commission wishes to approve the transfer of the TDRs <br /> contemplated herein in accordance with its TDRs ordinance. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br /> CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> Section 1. incorporation of Recitals. The foregoing recitals are true and correct and are <br /> incorporated herein by reference as if they are fully set forth herein. <br /> Section 2. Authorizing the Transfer of Development Rights. Pursuant to Section 265-23 of the <br /> City Code and in accordance with Zoning Resolution No.14-214e, the City Commission hereby <br /> authorizes the transfer of the development rights in the amount of Thirteen Thousand Seven <br /> Hundred Sixty Six (13,766) square feet of floor area and Zero (0) dwelling units to 17700 Collins <br /> Avenue Owner; LLC. from the City's TDR bank account. <br /> Section 3. Directive to Zoning Administrator. The Zoning Administrator or designee is hereby <br /> directed to transfer the development rights from the City's TDR Bank to 17700 Collins Avenue <br /> Owner, LLC. in accordance with Zoning Resolution No.('-2-f g. <br /> Section 4. Authorizing the Adjustment and Modification of TDRs. The Zoning Administrator <br /> is hereby authorize to adjust by decreasing the City's TDR bank account by Thirteen Thousand <br /> Seven Hundred Sixty Six (13;766) square feet of floor area and Eight (8) dwelling_ units. <br /> Section 5. Payment Agreement for the Transfer of Development Rights. The Applicant shall <br /> provide the City with a non-refundable deposit in the amount Fifty Nine Thousand One Hundred <br /> Ninety Five Dollars (S59,195) which is 10% of the approved purchased price of Five Hundred <br /> Ninety One Thousand Nine Hundred Thirty Eight Dollars (S591,938) within three (3) working <br /> days of the approval of this Resolution. The remainder of the payment is due prior to issuance of <br /> the building permit for the site plan approved in accordance with Zoning Resolution No. 114-2-(4q <br /> Section 6. Authority of the City Manager and City Attorney. The City Manager and City <br /> Attorney are hereby authorized to do all things necessary to effectuate this Resolution. <br /> Section 7. Effective Date. This Resolution shall become effective upon adoption. <br /> PASSED AND ADOPTED this 20th day of November. 2014. <br /> tl • • // <br /> •orman S. Edelcu., Mayor <br /> 17700 Collins Avenue Owner,I.1.0 -City TDR Bank Page 2 of 3 <br />