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and 843 units. There is a current balance in the City's TDRs account of <br /> 681,208 square feet and 344 units as of the date of this memorandum. <br /> The change from last fiscal year is a reduction of 257,437 square feet <br /> and 110 units. This is the result of the Playa de Varadero site plan <br /> approval and the acquisition of the Corner House property. In addition, <br /> the Marriott Residence Inn project requested a reduction of the <br /> approved TDRs. <br /> Page three of the attachment shows the funds collected by the City <br /> from the sale of TDRs to development projects. Over the years, the <br /> City has collected $54,233,980.25 from the sale of development rights. <br /> There is another $46,407,114.00 that the City expects to collect in the / <br /> near future. Last fiscal year, TDRs payment were received from La <br /> Playa Varadero, The Ritz Carlton, and the Marriott Residence Inn <br /> projects. <br /> Finally, page four delineates the accounts that show the amount of <br /> development rights owned by private owners. The accounts total <br /> amount to 151,159 square feet and 69 units. There is a change of <br /> 99,634 square feet and 44 units; this is the result of a new sub-account <br /> created in favor of Corner House in the amount of 75,000 sq. ft. and 35 <br /> units (TDRs are restricted to La Playa Varadero Project); and the new <br /> sub-account in favor of Beach Acquisition a/k/a Turnberry Ocean Colony <br /> in the amount of 24,634 sq. ft. and 9 units (Account created for <br /> acquisition of the Tumberry Sales Center lot). <br /> ATTACHMENTS: <br /> Description <br /> Resolution <br /> TDR Annual Update <br /> Item Number: 10.G. <br /> 278 <br />