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<br />RESOLUTION NO. 2006- ~()5 <br /> <br />A RESOLUTION 0)<' THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA; PROVIDING FOR THE <br />ACCEPTANCE OF THE APPRAISED LAND VALUE OF <br />TWENTY TWO MILLION SEVEN HUNDRED THOUSAND <br />DOLLARS ($22,700,000) FOR THE PROPERTY LOCATED AT <br />17475 COLLINS AVENUE AfKlA SUNNY ISLES RESORT <br />DEVELOPERS, LLLP.; PROVIDING FOR THE ACCEPTANCE <br />AND PAYMENT BY THE APPLICANT IN THE AMOUNT OF <br />SIX MILLION EIGHT HUNDRED TEN THOUSAND ONE <br />HUNDRED SIXTY EIGHT HUNDRED ($6,810,168) FOR THE <br />TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") IN THE <br />AMOUNT OF FIFTY ONE THOUSAND SEVEN HUNDRED <br />FORTY NINE 51,749 SQUARE FEET OF FLOOR AREA AND <br />TWENTY FIVE (25) DWELLING UNITS; PROVIDING FOR TEN <br />PERCENT (10%) DEPOSIT FOR TDRS; PROVIDING FOR <br />ADJUSTMENT OF THE BALANCE OF TDRS FROM THE CITY'S <br />BANK TO REFLECT A DECREASE OF FIFTY ONE THOUSAND <br />SEVEN HUNDRED FORTY NINE 51,749 SQUARE FEET OF <br />FLOOR AREA AND TWENTY EIGHT (28) DWELLING UNITS; <br />PROVIDING THE CITY MANAGER WITH THE AUTHORITY <br />TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS <br />RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, by Zoning Resolution No. o~-2.. Ul~adopted November 16, 2006, the City <br />Commission approved the zoning application submitted by Sunny Isles ResOlt Developers, <br />LLLP. ("Applicant") for the transfer of TDRs in the amount of fifty one thousand seven hundred <br />forty nine (51,749) square feet of floor area and twenty (25) 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 Commission shall consider the acceptance of the appraised land value in the amount of <br />seventeen million two hundred fifty thousand dollars ($22,700,000) for the receiving site; for the <br />purpose of calculating the square foot value of the approved TORs; and <br /> <br />WHEREAS, the City Commission shall consider the acceptance of six million eight <br />hundred ten thousand and one hundred sixty eight dollars ($6,810,168) by the Applicant for the <br />transfer of fifty one thousand seven hundred forty nine (51,749) square feet of floor area and <br />twenty (25) dwelling units; and <br /> <br />WHEREAS, the Applicant is required to pay a per square foot price of $131.60 as <br />reflected in Exhibit "A". <br /> <br />WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale of TORs to <br />the Applicant to reflect the reduction of fifty one thousand seven hundred forty nine (51,749) <br />square feet or floor area and twenty eight (28) dwelling units. <br />TDR Transfer- Ocean Beach Resort <br />Nov. 17,2006 <br />