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<br />TO:
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<br />FROM:
<br />
<br />DATE:
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<br />RE:
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<br />City of Sunny Isles Beach
<br />18070 Collins Avenue, Suite 250
<br />Sunny Isles Beach, Florida 33160
<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 />City Commission
<br />Norman S. Edelcup, Mayor
<br />Lewis J. Thaler, Vice Mayor
<br />Gerry Goodman, Commissioner
<br />Roslyn Brezin, Commissioner
<br />Danny Iglesias, Commissioner
<br />
<br />A. .John Szerlag, City Manager
<br />Hans Ottinot, City Allorney
<br />,Jane A. Hines, CMC, City Clerk
<br />
<br />MEMORANDUM
<br />
<br />The Honorable City commissi~
<br />
<br />Hans Ottinot, City Attorney tfr'\ -
<br />
<br />June 7, 2007
<br />
<br />Proposed modification to Resolution No. 2006-891
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<br />RECOMMENDATION:
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<br />This proposed modification to Resolution No. 2006-891 is presented for your consideration and
<br />approval.
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<br />REASONS:
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<br />Pursuant to Resolution No. 03-Z-75, the City Commission approved the application submitted by
<br />La Mansion, LLC, for the transfer of development rights ("TDRs") for 54,385 square feet of
<br />floor area to the receiving site located at 19505 Collins A venue. The developer of the receiving
<br />site, Regalia, LLC, agreed to purchase the TDRs from the City at the total price of $4,500,206.86
<br />in accordance with Resolution No. 2006-891.
<br />
<br />In accordance with Resolution No. 2006-891, Regalia, LLC, is required to pay the above stated
<br />amount upon issuance of the building permit. However, as part of a proposed agreement with
<br />the City, Regalia, LLC, agrees to pay for 38,847 square feet of TDRs upon issuance of the
<br />building permit, as this represents the actual number of TDRs used to develop the condo~inium
<br />project. Regalia, LLC, further agrees to pay the remaining 15,538 square feet of TDRs 'pi-ior to
<br />1) October 1, 2008, or 2) issuance of a temporary certificate of occupancy, or 3) issuance of final
<br />certificate of occupancy, whichever event occurs first. The City has determined the price of the
<br />remaining TDRs to be $1,285,614.12. Regalia, LLC, has agreed to provide a corporate
<br />guarantee for the remaining TDRs.
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<br />Regalia, LLC, agrees that, upon issuance of the building pemlit, the outstanding payment amount
<br />shall accrue interest at the annual percentage rate of 7%. Finally, .. Regalia, LLC, agrees to
<br />provide, if feasible, the City with a wireless infrastructure ("wifi") easement on the property,
<br />allowing the City to provide wireless telecommunications services to the public.
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<br />Agenda Item
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<br />Date
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