2009-0917 Regular City Commission Meeting

Home Browse Search

Summary Minutes: Regular City Commission Meeting September 17, 2009 City of Sunny Isles Beach, Florida 10X. A Resolution of the City Commission of the City of Sunny Isles Beach, Florida, Confirming the Balance of Development Rights Currently Held in the TDR Bank Accounts Held by the City of Sunny Isles Beach and Private Owners, Attached Hereto as Exhibit "A "; Requiring Yearly Updates of Account Balances Held by Private Owners and the City; Providing the City Manager with the Authority to Do All Things to Effectuate this Resolution; Providing for an Effective Date. Action: [City Clerk's Note: A revised Cover Memo was distributed prior to the meeting.] Assistant City Clerk Betancur read the title, and Assistant City Manager /Services Vera reported noting that he will read new revisions into the report. He made the following corrections on Page 1 of the attachment: The City has sold 742,1-22 773,394 square feet and 44-9 432 units to developments that received approval at City Commission. This leaves a current balance on the City TDR of 1,nT 08Tr82 1,053,910. On page 2 of the attachment: Currently the City has collected $35, "�T $35,112,555. Public Speakers: none Vice Mayor Thaler said on page 2 of Exhibit "A ", the $841,580 is a credit that was issued, should that show up here, should that not have been added into this number. Assistant City Manager Vera said that was part of a payment, an agreement that was done through sale of a property that the City purchased. Vice Mayor Thaler said then that technically we have received it and so it should not be in here, and Mayor Edelcup said it is not a receivable, and Vice Mayor Thaler said the total number should come down $841,580. Commissioner Goodman asked for clarification of page 3, and Mayor Edelcup said that they are the TDRs that are owned by these people. They had two years to use them but the Commission had granted them an extension. Some of those are owners of TDRs who bought the TDRs from the City, some are owners of TDRs that bought them from a third party transaction. Assistant City Manager Vera added, or provided the City with property like Town Center Park, and the majority of that comes from the Town Center Park. Mayor Edelcup said on page 2 because of the wisdom of this Commission that created the TDRs and he noted that Commissioner Danny Iglesias is in the audience, and he is one of the fathers of this Ordinance that helped create this. We have collected as a City some $35 Million in cash from the TDR program of which made it possible to give $12 Million to the school, and some $20 Million for Parks. In addition, the 742,000 square feet of property that has been developed now is on the tax rolls at a much greater tax rate than it would have been had it stayed on the old property from where it came, and the City will probably benefit based on, say $300 a square foot, something in the neighborhood of three - quarters of a million dollars a year in additional tax revenue because of the transfer of those TDRs, and we still have a million TDRs left which conceivably if the market ever returns to $100 square foot would mean that the City has $100 Million worth of TDRs to sell someday in the future. It has been an entirely win -win program, the City won, the developers won, the residents continue to win, and it has been a very useful program for the City in giving us the ability to bring a school here and to also green the City with more parks. The Commission accepted the report with the correction of the $841,580. Assistant City Manager Vera asked for clarification, and Mayor Edelcup said that the way Vice Mayor 13