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yF,9yJ -�0` 50P <br />FLO <br />C /rr OF SUN PLO <br />City of Sunny Isles Beach <br />18070 Collins Avenue, Suite 250 <br />Sunny Isles Beach, Florida 33160 <br />(305) 947.0606 City Hall <br />(305) 949-3 1 13 Fax <br />(305) 947 -2150 Building Department <br />(305) 947 -5107 Fax <br />MEMORANDUM <br />TO: Honorable Mayor and City Co mission <br />FROM: Hans Ottinot, City Attorney <br />DATE: May 10, 2012 <br />City Commission <br />Norman S. Edelcup, Mayor <br />Lewis Thaler, Vice Mayor <br />Isaac Aelion, Commissioner <br />Jeanette Gatto, Commissioner <br />George "Bud" Scholl, Commissioner <br />Alan J. Cohen, City Manager <br />Hans Ottinot, City Attorney <br />Jane A. Hines, CMC, City Clerk <br />RE: ASSIGNMENT OF TRANSFER OF DEVELOPMENT RIGHTS ( "TDRs ") <br />FROM SUNNY ISLES PROPERTY HOLDINGS, LLC ( "SIPH ") TO SUNNY <br />ISLES BEACH ASSOCIATES, LLC ( "SIBA ") <br />RECOMMENDATION: <br />It is recommended that the attached Resolution be approved. <br />aff-1-11163 <br />Sunny Isles Property Holdings, LLC ( "SIPH ") currently owns 127,737 square feet of Transfer <br />Development Rights ( "TDRs ") along with 50 corresponding residential units. On April 13, 2012 <br />SIPH entered into an agreement with Sunny Isles Beach Associates, LLC ( "SIBA ") to assign and <br />transfer the 127,737 square feet and corresponding residential units to SIBA. SIPH has agreed to <br />waive any claims against the City arising as a result of the transfer. In addition, SIBA has agreed <br />to indemnify and hold harmless the City from any liability as to any claims that may arise <br />between the two parties or any private parties as a result of this transfer. Please note that the <br />assigned TDRs was part of the "Paramount" zoning approval. <br />