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<br />RESOLUTION NO. 2011-$~
<br />
<br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY
<br />OF SUNNY ISLES BEACH, FLORIDA, APPROVING THE
<br />ASSIGN:MENT OF 40,000 SQUARE FEET OF TRANSFER
<br />DEVELOP:MENT RIGHTS FROM PLAZA ISLE, LLC TO ABUS
<br />SUNNY ISLES, LLC; PROVIDING THE CITY MANAGER AND
<br />THE CITY ATTORNEY WITH THE AUTHORITY TO DO ALL
<br />THINGS NECESSARY TO EFFECTUATE THIS
<br />RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE.
<br />
<br />WHEREAS, the City of Sunny Isles Beach (the "City") and Plaza Isle, LLC ("Plaza
<br />Isle") entered into an agreement on August 3, 2009, for the purchase and sale of the property
<br />located at 16200 Collins Avenue, Sunny Isles Beach, Florida, 33160 (the "Property") for a
<br />purchase price of four million five hundred seventy thousand dollars ($4,570,000.00); and
<br />
<br />WHEREAS, pursuant to section 15 of the agreement of purchase and sale for the
<br />Property, the City agreed to deposit forty thousand (40,000) square feet of development rights
<br />("TDRs") in an account created on behalf of Plaza Isle; and
<br />
<br />WHEREAS, the City and Plaza Isle subsequently entered into a formal assignment of
<br />transfer development rights on August 20, 2009, attached hereto as Attachment "A", wherein the
<br />City agreed to deposit in a TDR Bank the amount of 40,000 square feet of TDRs with the
<br />corresponding number of units in an account designating Plaza Isle as owner of same, with the
<br />TDRs having a life span of fifteen (I5) years from August, 2009; and
<br />
<br />WHEREAS, on July 15, 2011, Plaza Isle entered into an assignment of transfer of
<br />development rights with Abus Sunny Isles, LLC, wherein Plaza Isle assigned and transferred
<br />40,000 square feet of TDRs held in the account designed for and held for Plaza Isles to Abus
<br />Sunny Isles, LLC, as assignee; and
<br />
<br />WHEREAS, the City has reviewed the assignment of transfer of development rights
<br />agreement between Abus Sunny Isles, LLC and Plaza Isle and has no objection to the
<br />documentation or assignment of transfer of 40,000 square feet of TDRs to Abus Sunny Isles,
<br />LLC.
<br />
<br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
<br />OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
<br />
<br />Section 1. Approval of Assignment of 40,000 square feet of TDRs from Plaza Isle. LLC to
<br />Abus Sunny Isles, LLC. The City hereby approves the assignment of 40,000 square feet of TDRs
<br />from Plaza Isle, LLC to Abus Sunny Isles, LLC, a copy of which is attached hereto as
<br />Attachment "B". The City shall establish a TDR Bank account in the amount of 40,000 square
<br />feet of TDRs with the corresponding number of units for Abus Sunny Isles, LLC as owner of
<br />same with the aforementioned TDRs having a life span of fifteen (I5) years from August 20,
<br />2009.
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