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<br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />Ci(y Commission <br />Norman S. Edelcup, Mayor <br />Lewis J. Thaler, Vice Mayor <br />Isaac Aetion, Commissioner <br />Jeanette Gatto, Commirsioner <br />George "Bud" Scholl, Commirsioner <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />Alan J. Cohen, City Manager <br />Hans Ottinot, City Attorney <br />Jane A. Hines, CMC, City Clerk <br /> <br />MEMORANDUM <br /> <br />The Honorable City com~~ <br />Hans Ottinot, City Attorney~ '-I <br />November 9,2011 <br /> <br />Removing the Use Restrictions Imposed on the TDRs Owned by Fort Apache Marina, <br />LLe <br /> <br />RECOMMENDATION: <br /> <br />This Resolution is presented for your consideration. <br /> <br />REASONS: <br /> <br />The City of Sunny Isles Beach created a Transfer of Development Rights ("TDR") sub bank <br />account for Fort Apache Marina, LLC ("Fort Apache") on or about October 16,2005. The sub <br />bank account for Fort Apache currently has 34,485 square feet and 19 units of TDRs. However, <br />the TDRs owned by Fort Apache are currently required to be used in strict conformity with an <br />approved site plan on the west side of Collins Avenue, in accordance with Resolution Nos. 2005- <br />754, 2005-755, and 2005-784 ("Resolutions"). <br /> <br />The City desires to remove the use restrictions imposed on the TDRs owned by Fort Apache, <br />provided that a transfer fee is paid to the City. As a condition precedent of deleting the use <br />restriction set forth in the Resolutions, Fort Apache shall pay the City a minimum fee of $15.00 <br />per square feet from the total amount of TDRs owned by Fort Apache pursuant to Section 265- <br />23(0) of the City Code. The transfer fee shall be Five Hundred Seventeen Thousand Two <br />Hundred Seventy Five Dollars ($517,275.00) based on the ownership of 34,485 square feet of <br />TDRs owned by Fort Apache. The minimum fee is based on the current economic conditions of <br />current real estate market for development of new properties. The City reserves the right to <br />change the minimum fee. <br /> <br />/ Attachment <br /> <br />~~b-OtV: <br />Agenda ltem Lf b <br />Date 1\ -q- 11 <br />