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<br /> <br />City of Sunny Isles Beach <br />17070 Collins Avenue, Suite 250 <br />Sunny Isles Beach, Florida 33160 <br /> <br />City Commission <br />Norman S. Edelcup, Mayor <br />Gerry Goodman, Vice Mayor <br />Roslyn Brezin, Commissioner <br />Danny Iglesias, Commissioner <br />Lewis Thaler, Commissioner <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />Christopher J. Russo, City Manager <br />Lynn M. Dannheisser, City Attorney <br />Jane A. Hines, City Clerk <br /> <br />Memorandum <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />The Honorable City Commission A f\ , <br />Christopher J. Russo. City Manager~ \" <br /> <br />December 18,2003 <br /> <br />ORDINANCE AMENDING THE ZONING CODE TO INCREASE THE <br />PRICE OF A BONUS PARTICIPATION UNIT <br /> <br />RECOMMENDATION: <br /> <br />It is recommended that the City Commission adopt the attached Ordinance setting the <br />price of a Bonus Participation Unit at Thirty-Five Thousand Dollars ($35,000) in certain <br />zoning districts within the City. <br /> <br />REASON(S): <br /> <br />The zoning code was compiled through the efforts of the Citizens' Planning Committee <br />and our consultant planner, Jack Luft, almost four years ago. At that time, the City was <br />in the process of formulating its long-term capital improvement needs and the cost of <br />real estate and dwelling units was substantially less than it is today. The common <br />thinking at the time was an average unit size substantially smaller than is currently <br />contemplated today, along with substantially lower per-square foot dollar value of new <br />construction. The City now has a track record of development and real estate costs in <br />addition to a long term Capital Improvement Program and projections as to the long <br />term needs of the City which necessitate a closer nexus between the value of the bonus <br />program and the Capital Improvement Program. <br /> <br />Conceptually speaking, we looked at the projects approved and planned for the City in <br />relationship to the value of transferable development rights, base zoning and the bonus <br />program. All were looked at in relationship to the per-unit cost. Calculations of bonuses <br />based on land value, estimates from assessed value projections of bonuses to be <br />applied for projects over the next three to five years were also taken into consideration. <br /> <br />Value totals in each category of bonuses were looked at utilizing bonus value per <br />participation unit, based on current land values. In addition, the City calculated its <br /> <br />Agenda Item <br /> <br />Date <br />