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<br />RESOLUTION NO. 2007-1Q2. '1 <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 SIXTY <br />TWO MILLION DOLLARS ($62,000,000) FOR THE PROPERTY <br />LOCATED AT 17201 COLLINS AVENUE A/KiA OCEAN IV <br />DEVELOPMENT PROJECT (TDR06-06); PROVIDING FOR THE <br />ACCEPTANCE AND I)AYMENT BY THE APPLICANT OF ONE <br />MILLION TWO HUNDRED EIGHTY TWO THOUSAND SIX <br />HUNDRED FIFTY-FIVE DOLLARS ($1,282,655) FOR THE <br />TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") IN THE <br />AMOUNT OF NINE THOUSAND SEVEN HUNDRED FIFTY- <br />SEVEN (9,757) SQUARE FEET OF FLOOR AREA AND ZERO (0) <br />DWELLING UNITS; PROVIDING FOR ADJUSTMENT OF THE <br />BALANCE OF TDRS FROM THE CITY'S BANK TO REFLECT A <br />DECREASE OF NINE THOUSAND SEVEN HUNDRED FIFTY <br />SEVEN 9,757 SQUARE FEET OF FLOOR AREA AND FIVE (5) <br />DWELLING UNITS; PROVIDING THE CITY MANAGER WITH <br />THE AUTHORITY TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br />EFFECTIVE DATE. <br /> <br />WHEREAS, by Zoning Resolution No.ln-2-I07, adopted January 18,2007, the City <br />Commission approved the zoning application submitted by TRG Desert Inn Ventures, Ltd. <br />("Applicant") for the transfer of TORs in the amount of Nine Thousand Seven Hundred Fifty- <br />Seven (9,757) square feet of floor area and zero (0) dwelling units; and <br /> <br />WHEREAS, pursuant to Section 265-23 0 of the Code of the City of Sunny Isles Bcach, <br />the City Commission shall consider the acceptance of the appraised land value in the amount of <br />sixty two million dollars ($62,000,000) for the receiving site; for the purpose of calculating the <br />square foot value of the approved TORs; and <br /> <br />WHEREAS, the City Commission shall consider the acceptance of One Million Two <br />Hundred Eighty-Two Thousand Six Hundred Fifty-Five Dollars ($1,282,655) by the Applicant <br />for the transfer of Nine Thousand Seven Hundred Fifty-Seven (9,757) square feet of floor area <br />and Zero (0) dwelling units; and <br /> <br />WHEREAS, the City's TOR Bank balance will be adjusted to reflect the sale of TORs to <br />the Applicant to reflect the reduction of Nine Thousand Seven Hundred Fifty-Seven (9,757) <br />square feet or floor area and Five (5) dwelling units. <br /> <br />WHEREAS, the property receiving the transfer of development rights ("TORs") has the <br />following legal description: The South 300 feet of the North 400 feet of Lot 2, Tatum's Ocean <br />Park Company's Subdivision, according to the plat thereof, as recorded in Plat Book 10, Page <br /> <br />TOR 06-06 Ocean Four <br />