Reso 2006-992 - Laserfiche WebLink

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Florida, which lies East of the Easterly right of way line of State Road A-I-A per State Road Right of Way Map Section 8 7060-2104, Miami-Dade County, Florida, WHEREAS, the Applicant agrees to purchase TDRs in the amount of thirty three thousand six hundred sixty eight (33,668) square feet or floor area and zero (0) dwelling units from the City's TDR Bank as established under the City Code. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section I. Incorporation of Recitals. The foregoing recitals are true and correct are incorporated herein by reference as if they fully set forth herein. Section 2. Approval of Appraised Land Value. The City Commission hereby approves the appraised land value of seventeen million two hundred fifty thousand dollars ($17,250,000) ("Appraised Value"), for the Receiving Site as set forth in the attached appraisal summary, Section 3. Total Pavrnent for TDRs Based on the Appraised Value set forth in Section 2 hereinabove, the City Commission hereby approves the payment of three million seven hundred forty-nine thousand two hundred sixty eight dollars ($3,749,268) by the Applicant for the transfer of thirty three thousand six hundred sixty eight (33,668) square feet of floor area and zero (0) dwelling units from the City's TDR Bank to the Receiving Site generally located at 15795 Collins Avenue pursuant to Zoning Resolution No. ot..-2-J(),3Ifthe Applicant fails to pay the total amount for the TDRs, the City shall retain the development rights for which payment has not been received. Section 4. Deposit. Within three (3) working days of the approval of the Applicant's TDR application and site plan application, the Applicant shall provide the City with a non-refundable deposit in the amount of ten percent (10%) of the approved purchase price of $3,749,268, The total amount of deposit is $374,926. Failure to pay the required deposit within the three (3) working days of approval of TDR application and site plan application shall result in an automatic voiding of the City Commission approval of the Receiving Site, transfer of TDRs, site plan approval. Section 5, Adiustment to TDR Bank, The Zoning Administrator is hereby instructed to make necessary adjustments to the City's TDR Bank Account to reflect the sale of TDRs to the Applicant, and to make an adjustment to the City's TDR Bank to reflect a decrease of thirty three thousand six hundred sixty eight (33,668) square feet and eighteen (18) units, Section 7. Authoritv of the Citv Manager. The City Manager is hereby authorized to do all things necessary to effectuate this Resolution. Section 8, Effective Date, This Resolution shall become effective upon adoption, 2