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RESOLUTION NO. 2012 - 19 09 <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, APPROVING THE ASSIGNMENT OF <br />TRANSFER OF DEVELOPMENT RIGHTS ( "TDRs ") FOR 127,737 <br />SQUARE FEET AND 50 RESIDENTIAL UNITS FROM SUNNY ISLES <br />PROPERTY HOLDINGS, LLC ( "SIPH ") TO SUNNY ISLES BEACH <br />ASSOCIATES, LLC ( "SIBA "); PROVIDING THE CITY MANAGER AND <br />THE CITY ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR <br />AN EFFECTIVE DATE. <br />WHEREAS, SIPH currently owns 127,737 square feet of TDRs and 50 corresponding <br />residential units on deposit in a TDR Bank with the City of Sunny Isles Beach (the "City "); and <br />WHEREAS, on April 13, 2012, SIPH entered into as assignment of TDRs with SIBA, <br />wherein SIPH assigned and transferred 127,737 square feet of TDRs and 50 corresponding <br />residential units held in the account designed for and held for SIPH to SIBA as assignee; and <br />WHEREAS, SIPH has agreed to waive any claims against the City arising as a result of the <br />transfer of TDRs from SIPH to SIBA; and <br />WHEREAS, SIBA has agreed to indemnify and hold harmless the City from any liability as <br />to any claims that may arise between SIBA and SIPH or any private parties as a result of the transfer <br />of TDRs from SIPH to SIBA. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Approving of f Assignment. The City Commission hereby approves the assignment of <br />127,737 square feet of TDRs and 50 corresponding residential units from SIPH to SIBA, a copy of <br />which is attached hereto as Exhibit "A ". The City's Planning and Zoning Administrator shall <br />establish a TDR bank account in the amount of 127,737 square feet of TDRs with 50 corresponding <br />residential units for SIBA. <br />Section 2. Authority of the City Manager and City Attorney. The City Manager and the City <br />Attorney are authorized to do all things necessary to effectuate this Resolution. <br />Section 3. Effective Date. This Resolution shall become effective upon adoption. <br />Page 1 of 2 <br />