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<br />Memorandum <br />January 16, 2008 <br />Page 2 <br /> <br />Solis <br />Regalia <br /> <br />$1,820,208 <br />$1,285,614 <br /> <br />Due Jan. 31,2008 <br />Due Sept. 30, 2008 <br /> <br />The City Commission also approved an extension of time on the development order <br />for the Da Vinci project to acquire a building permit. <br /> <br />Da Vinci $4,734,000 <br /> <br />Due March 15, 2008 <br /> <br />There is a private bank that two separate developers own TDR's on. As of the date <br />of this memo neither developer has sold the TDR's to another developer or used <br />them for a development of their own. These TDR's came from the original Porto <br />Bellagio TDR bank which allowed a total of 5 years for the use of the TDR's. The <br />expiration date for the developer to use their TDR's or loose them is January and <br />April of 2010. <br /> <br />In the event that the other developments do not obtain a building permit or receive <br />an extension within the time frames of the development order, the total CIP revnues <br />to the City would be reduced by $21,716,000. <br /> <br />Epicure, Sunny Isles Marina and Oceanika are developments that have Commission <br />approvals but there is no contribution to be made to the above mentioned funds. In <br />addition to the contribution to the funds, all developments must pay building permit <br />fees and impact fees for Police, Parks and Facilities at the time that a building permit <br />is obtained. These fees do not affect the CIP fund. The total of these impact fees for <br />all developments that have Commission approval but have not obtained a building <br />permit are estimated to be as follows: <br /> <br />Building Permit <br />Police <br />Parks <br />F acili ties <br /> <br />$ 3,250,000 <br />$ 250,000 <br />$ 1,100,000 <br />$ 720,000 <br /> <br />38 <br />