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<br />Preview <br /> <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />Page 1 of2 <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenne <br />Snnny Isles Beach, Flo..ida 33t60 <br /> <br />(305) 947-0606 City lIall <br />(305) 949-3113 Fax <br /> <br />MEMORANDUM <br /> <br />The !-Ionorable Mayor and City Commission <br /> <br />!-Ians Oltinot. City Attorney <br /> <br />4/19/2012 <br /> <br />Removal of Use Rest..ietion on TDRs owned by Jerry's Famous Deli <br />(".Je....y's") 1 Assignment ofTDRs to Abus, LLC ("Abus") <br /> <br />RECOMMENDATION: <br /> <br />This Resolution is prcsented for your approval. <br /> <br />REASONS: <br /> <br />The purpose of the attached Resolution is to remove a use restriction that was imposed on <br />TDRs owned by Jerry's Famous Deli, Inc. The removal of use restriction is required in <br />order for the TDRs to be used for any site in the City. As a condition of removal of the <br />use restriction, the owner or the TDRs is required to pay the City the sum of <br />$1,484,940.00. This sum shall be paid on an installment basis in accordance with the <br />attached Promissory Note. Specitically, the City will receive an initial payment of <br />$484,940.00 within thrce (3) days of approval of the attached Resolution. The remaining <br />balance of $1 Million Dollars shall be paid within two (2) years of the initial payment. <br />Moreover, Jerry's is requesting that the TDRs in question be assigned to Abus upon the <br />removal of the use restriction. <br /> <br />As a matter of backgrouncL Jerry's had previously assigned 2, 644 square feet of TDRs and <br />two (2) units to Abus pursuant to an approval Resolution by the City Commission. <br /> <br />. <br /> <br />ATTACHMENTS: <br /> <br />Removal of Use Restriction on TDRs owned by Jerry's Famous Deli, Inc. <br /> <br />Agenda Item I 0 L <br />~-l~ <br /> <br />http://sibagenda.si b fl. netl agenda/Previ ew. aspx 'II tem I D=7 5 9&MeetingID Date <br />