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City Commission <br /> �s � SFf City of Sunny Isles Beach Norman S.Ede lcup,Mayor <br /> 0 _ F 18070 Collins Avenue Isaac Aelion, Vice Mayor <br /> • <br /> �.�.0= i Sunny Isles Beach, Florida 33160 <br /> Jeanette Gatto,Commissioner <br /> • Jennifer Levin,Commissioner <br /> ' •. George"Bud"Scholl,Commissioner <br /> rz: • (305) 947-0606 City Hall <br /> • <br /> • -1 may_ � • (305)949-3113 Fax Christopher J.Russo,City Manager <br /> 54. ' F l°B o'' (305)947-2150 Building Department Hans Ottinot,City Attorney <br /> ').)'OF $v$+ (305)947-5107 Fax Jane A.Hines,City Clerk <br /> MEMORANDUM <br /> • <br /> TO: The Honorable Mayor and City Commission <br /> VIA: Christopher J. Russo, City Manager <br /> FROM: Claudia Hasbun, Planning and Zoning Administrator <br /> DATE: November 20, 2014 <br /> RE: 17700 Collins Avenue Owner, LLC. —TDRs Application <br /> Residence Inn by Marriott— Sunny Isles Beach <br /> 17700 Collins Avenue <br /> Appl. No. PZ2014-14 <br /> REQUEST: The Applicant is requesting to approve the utilization of public TDRs in the <br /> amount of 13,766 square feet of development rights and 0 dwelling units. <br /> However, the reduction from the City's TDRs bank will reflect a total of 13,766 <br /> square feet and eight (8) dwelling units. The effect of the TDR's purchase and <br /> approval on the project would be an increase in F.A.R. only since this project <br /> does not include a residential component. <br /> The appraisal report reflects the square foot value of a TDRs as Forty Three <br /> Dollars ($43.00) per square foot. Thus, the total TDR purchase is $591,938. <br /> The Applicant shall provide the City with a non-refundable deposit in the <br /> amount of ten percent (10%) of the approved purchased price of $591,938 <br /> for the Transfer Development Rights (TDRs) purchased from the City Bank. <br /> The total amount of the deposit is $59,195. Failure to pay the required deposit <br /> within the three (3) working days of approval of the Transfer Development <br /> Rights (TDRs) application and site plan application shall result in an <br /> automatic voiding of the City Commission approval of the Receiving Site, <br /> transfer of Transfer Development Rights (TDRs), and site plan approval. <br /> RECOMMENDATION: <br /> Based on staff review of the submitted TDRs application, the application is <br /> consistent with the City's Comprehensive Plan and the City's Land <br /> Development Regulations and staff does not have any objection to the <br /> assignment of TDRs. <br /> • <br />