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<br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />Ci(y Commissioll <br />Norman S. EdeIcup, Mayor <br />Lewis J. Thaler, VI,r Mayor <br />Roslyn Brezin, Commioioner <br />Gerry Goodman, CfJl1lmil)'ioller <br />George "Bud" Scholl, CfJmmir,.ioller <br /> <br />(305) 947-0606 City lIall <br />(305) 949-3113 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />Rick Conner, Adill~ City AlalltJ,~er <br />Hans Ouinol, City /lIIol71ey <br />Jane A, Hines, City Clerk <br /> <br />MEMORANDUM <br /> <br />TO: The Honorable City Commission <br /> <br />FROM: HaDS OttiDOI, City Attorney ~ <br />DATE: March 19, 2009 <br /> <br />RE: Annual Fee for Extension of Development Rights <br /> <br />RECOMMENDA TION: <br /> <br />This Resolution is presented for your consideration. <br /> <br />REASONS: <br /> <br />The City has been approached recently by several owners of privately owned development rights <br />("TDRs") about extending the useful life of the TORs. <br /> <br />The attached Resolution will provide owners of privately owned development rights an <br />opportunity to request a ten (10) year extension to utilize development rights purchased from a <br />private party, In order to obtain an extension, the owner must pay an annual fee based on a per <br />square foot price, The fee is based on the assumption that development rights are property rights <br />that would have been subject to ad valorem taxes if such rights were not extracted from the <br />property. It is important to note that the fee formula was created by the in-house financial <br />expert- Mayor Edelcup, <br /> <br />/ Attachment <br /> <br />Agenda Item \ 0 C9 <br />Date 3- tq- 0'1 <br />