Zoning Resolution 16-Z-158 - Laserfiche WebLink

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Ms. Claudia Hasbun March 23, 2016 Page 2 of 3 Finally, since the approval of the prior Project the City Commission has also approved the potential transfer of 75,000 square feet (and 35 dwelling units) from the property known as the "Corner House" property to this site, through the adoption of Resolution No. 2016-2511 on January 21, 2016. The Applicant would seek approval to utilize both the public and private TDRs, but without exceeding the permitted FAR and density permitted for the overall Project. It must be noted that the present plans, like its predecessor, does not require or call for any variances from the requirements of the LDRs. 1. Site plan approval adopting the plans entitled "Varadero" as prepared by the architecture firm ODP. Architects Inc. and dated March. 30. 2016 and consisting of two phased 56 story residential towers with 490 residential units; a branded restaurant of approximately 7,181 square feet; and, corporate office space of approximately 7,780 square feet and 1,850 square feet of retail for a total of 1,228,1 54 square feet of floor area.; 2. Approval to amend Resolution No. 2015-2497 so as to allow the Applicant the ability to utilize up to 75,000 square feet (and 35 dwelling units) in lieu of a portion of the 283,485 square feet of previously approved public TDRs; 3. Modification of Condition No. 13 of Resolution No. 15-Z-I56 so as to allow the issuance of building permits to each phase of the Project and the incremental payment of bonuses and TDRs as utilized for each Phase of the Project. The Applicant, pursuant to Ordinance No. 2012-389, is requesting an extension of time in which to pay for the bonuses and TDRs that were approved by the Commission by Resolution Nos. 15-Z-156 and 2015-2497. We would propose an up to 72 month extension of time for such payments to coincide with extension of time granted by the Commission in Resolution No. 15-Z-156. The total payments that would be extended would be in total amount of 538,284.497, which constitutes the total of bonuses and TDRs owed to city after the reduction of 75,000 square feet ($9,375,000) of TDRs being transferred from the Corner House site to the La Playa site. La Playa would agree to pay pursuant to a promissory note approved by the Commission in the amount of 538,284,497 under the following terms: (i) principal in the amount of$38,284, 497, unless reduced by payments, shall be due at the end of the Term; (ii) the principal amount shall be subject to an interest rate of_%; (iii) interest payments shall be made to the City on a quarterly basis; (iv) principal payments shall be made upon the application for building permits for the two approved residential towers (Tower I and Tower II) as set forth below; (v) in the event application for building permit is made for Tower 1, the principal amount of $23,618,345.91 shall be made prior to the issuance of the building permit for Tower l; (vi) in the event application for building permit is made for Tower II, the principal amount of $5,291,166.09 shall be made prior to the issuance of the building permit for Tower II; and (vii) La Playa shall receive and �AWEISS SEROTA HELFMAN COLE & BIERMAN At ra Cwo as os or 4sixax Gomioarn&no La,