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<br />RESOLUTION NO. 2009-l39B <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, ESTABLISHING A FORMAL <br />POLICY TO PROVIDE FOR EXTENSION OF TIME FOR THE <br />UTILIZATION OF DEVELOPMENT RIGHTS THAT ARE <br />PRIVATELY OWNED; PROVIDING FOR ADMINISTRATIVE <br />APPROV AL OF EXTENSION REQUEST; PROVIDING THE CITY <br />MANAGER AND THE CITY ATTORNEY WITH THE AUTHORITY <br />TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS <br />RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City Commission wishes to extend the time period for the <br />utilization of development rights owned by private parties; and <br /> <br />WHEREAS, the City Commission wishes to adopt a formal policy and establish a <br />fee structure to provide for the extension of time-period. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1, Policy Statement. The City Commission understands that development rights <br />("TDRs") are valuable commodities that must be preserved to spur development within the City and <br />to preserve open space, The City Commission further understands that the current economic crisis <br />has prevented owners of privately owned TDRs from utilizing the TDRs in development projects. <br />The City Commission believes that it is in the best interest of the City to extend the useful life of <br />TDRs. <br /> <br />Section 2. Fee for Extension. Any owner of privately owned development rights ("TDRs") <br />acquired pursuant to Section 265-23 of the City Code may request a ten (10) year extension to <br />utilize development rights purchased from a private party. The owner of said TDRs shall pay to the <br />City an annual fee in accordance with the following formula: <br /> <br />(1) The total amount of TD Rs shall be multiplied by a base square foot price of <br />$30.00 and divided by the value per 1000 square feet of TDRs. This calculation <br />shall yield a price per 1000 square feet of TDRs, This price shall be multiplied by <br />the millage rate to yield the fee per year for the extension. The base square feet <br />and millage rate are subject to annual change. However, any change will not <br />lower the base square feet and millage rate from a minimum of $30 and 2.48. <br /> <br />Example: 100,000 sq, ft. privately owned <br />x 30 base sq. f1. price <br /> <br />3,000,000 -:- 1000 value per thousand= 3000 <br /> <br />3000 x 2.48 = $7440 <br /> <br />Establishing policy for lISC of Development Rights <br />Page I of2 <br />