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RESOLUTION NO. 2014- 2,339 <br /> A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br /> SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE <br /> TRANSFER OF DEVELOPMENT RIGHTS ("TDRs") IN THE <br /> AMOUNT OF THIRTEEN THOUSAND SEVEN HUNDRED SIXTY <br /> SIX (13,766) SQUARE FEET OF FLOOR AREA ("FAR") AND <br /> ZERO (0) DWELLING UNITS TO 17700 COLLINS AVENUE <br /> OWNER, LLC. FOR THE PROPERTY LOCATED AT 17700 <br /> COLLINS AVENUE FROM THE CITY'S TDR BANK ACCOUNT; <br /> DIRECTING THE ZONING ADMINISTRATOR OR DESIGNEE <br /> TO TRANSFER THE TDRs FROM THE CITY'S BANK ACCOUNT <br /> IN ACCORDANCE WITH ZONING RESOLUTION NO. <br /> I4-2-118 ; AUTHORIZING FOR THE ADJUSTMENT AND <br /> MODIFICATION OF THE CITY'S TDR BANK; PROVIDING THE <br /> CITY MANAGER AND CITY ATTORNEY WITH THE <br /> AUTHORITY TO DO ALL THINGS NECESSARY TO <br /> EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br /> EFFECTIVE DATE. <br /> WHEREAS, by Zoning Resolution No.141 Z N$adopted on November 20th, 2014 the City <br /> Commission approved the zoning application submitted by 17700 Collins Avenue Owner. LLC <br /> (Applicant") for the transfer of TDRs in the amount of 13,766 square feet of floor area and 0 <br /> dwelling units; and <br /> WHEREAS, pursuant to Section 265-23E of the Code of the City of Sunny Isles Beach; <br /> the City Commission shall consider the acceptance of the appraised land value in the amount of <br /> Four Million One Hundred Fifty Thousand Dollars (S4,150,000) for the receiving. site for the <br /> purpose of calculating the square foot value of the approved TDRs; and <br /> WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale of TDRs to <br /> the Applicant in the amount of Thirteen Thousand Seven Hundred Sixty Six (13.766) square feet <br /> of floor area and Eight (8) dwelling units; and <br /> WHEREAS, the Applicant is required to pay a per square foot price of Forty Three Dollars <br /> (S43.00) as set forth in the appraisal attached as Exhibit "A"; and <br /> WHEREAS, the City Commission agrees to accept Five Hundred Ninety One Thousand <br /> Nine Hundred Thirty Eight Dollars (S591;938.00) from the Applicant for the payment of TDRs in <br /> the amount of Thirteen Thousand Seven Hundred Sixty Six (13.766) square feet of floor area and <br /> Zero (0) dwelling units; and <br /> WHEREAS; the receiving site for the TDRs is located at 17700 Collins Avenue, Sunny <br /> Isles Beach and is legally described in Zoning Application No. PZ2014-14; and <br /> 17700 Collins Avenue Owner, I.I.0 -City TDR Bank Page I of 3 <br />