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<br />RESOLUTION NO. 2006- jJa <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA; PROVIDING FOR THE <br />ACCEPTANCE OF THE APPRAISED LAND VALUE OF <br />SEVENTEEN MILLION TWO HUNDRED FIFTY THOUSAND <br />DOLLARS ($17,250,000) FOR THE PROPERTY LOCATED AT 15795 <br />COLLINS AVENUE AIKIA OCEAN PALM MOTEL, INC.; <br />PROVIDING FOR THE ACCEPTANCE AND PAYMENT BY THE <br />APPLICANT IN THE AMOUNT OF THREE MILLION SEVEN <br />HUNDRED FORTY-NINE THOUSAND TWO HUNDRED SIXTY <br />EGIHT DOLLARS ($3,749,268) FOR THE TRANSFER OF <br />DEVELOPMENT RIGHTS ("TDRS") IN THE AMOUNT OF THIRTY <br />THREE THOUSAND SIX HUNDRED SIXTY EIGHT 33,668 SQUARE <br />FEET OF FLOOR AREA AND ZERO (0) DWELLING UNITS; <br />PROVIDING FOR TEN PERCENT (10%) DEPOSIT FOR TDRS; <br />PROVIDING FOR ADJUSTMENT OF THE BALANCE OF TDRS <br />FROM THE CITY'S BANK TO REFLECT A DECREASE OF THIRTY <br />THREE THOUSAND SIX HUNDRED SIXTY EIGHT 33,668 SQUARE <br />FEET AND EIGHTEEN (18) UNITS ; PROVIDING THE CITY <br />MANAGER WITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING <br />FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, by Zoning Resolution No.o('-2-/o-&adopted October 17,2006, the Special <br />City Commission approved the zoning application submitted by Ocean Palm Motel, Inc. <br />("Applicant") for the transfer of TDRs in the amount of thirty three thousand six hundred sixty <br />eight (33,668) square feet of floor area and zero (0) dwelling units; and <br /> <br />WHEREAS, pursuant to Section 265-23 D of the Code of the City of Sunny Isles Beach, <br />the City Cornmission shall consider the acceptance of the appraised land value in the amount of <br />seventeen million two hundred fifty thousand dollars ($17,250,000) for the receiving site; for the <br />purpose of calculating the square foot value of the approved TDRs; and <br /> <br />WHEREAS, the City Commission shall consider the acceptance of three million seven <br />hundred forty-nine thousand two hundred sixty eight dollars ($3,749,268) by the Applicant for <br />the transfer of thirty three thousand six hundred sixty eight (33,668) square feet of floor area and <br />zero (0) dwelling units; and <br /> <br />WHEREAS, the City's TDR Bank balance will be adjusted to reflect a decrease of thirty <br />three thousand six hundred sixty eight (33,668) square feet or floor area and eighteen (18) <br />dwelling units, <br /> <br />WHEREAS, the property receiving the transfer of development rights C"TDRs") as the <br />following legal description: Lot 79 of TATUM'S OCEAN BEACH PARK, according to the Plat <br />thereof, as recorded in Plat Book 5, at Page 35, of the Public Records of Miami-Dade County, <br /> <br />I <br />