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RESOLUTION NO. 2012 -MC) <br />CFN 2014ROO80018 <br />OR 9k 29013 Pss 1237 - 1239; (3oss) <br />RECORDED 01/31/2014 14:30:32 <br />HARVEY RUVINY CLERK. OF COURT <br />MIAMI -DADE COUNTYP FLORIDA <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE <br />TRANSFER OF DEVELOPMENT RIGHTS ( "TDRS ") IN THE <br />AMOUNT OF NINETY FOUR THOUSAND SIX HUNDRED <br />EIGHTY (94,680) SQUARE FEET OF FLOOR AREA AND FORTY <br />FIVE UNITS (45) TO TOWNE CENTER DEVELOPMENT <br />PROPERTIES, LLC ET AL. FOR THE PROPERTY LOCATED <br />AT 290 -330 SUNNY ISLES BOULEVARD FROM THE CITY'S <br />TDR BANK ACCOUNT; DIRECTING THE ZONING <br />ADMINISTRATOR OR DESIGNEE TO TRANSFER THE TDRS <br />FROM THE CITY'S BANK ACCOUNT IN ACCORDANCE WITH <br />ZONING RESOLUTION NO. 12 -Z -133; AUTHORIZING THE <br />ADJUSTMENT AND MODIFICATION OF THE CITY'S TDR <br />BANK; PROVIDING THE CITY MANAGER WITH THE <br />AUTHORITY TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br />EFFECTIVE DATE. <br />WHEREAS, by Zoning Resolution No. 12 -Z -133, adopted November 15, 2012 the City <br />Commission approved the zoning application submitted by Towne Center Development <br />Properties, LLC ("Applicant ") for the transfer of TDRS in the amount of 94,680 square feet of <br />floor area and 45 dwelling units; and <br />WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale of TDRs to <br />the Applicant to reflect the reduction of Ninety Four Thousand Six Hundred Eighty (94,680) <br />square feet of floor area and Forty Five (45) dwelling units; and <br />WHEREAS, pursuant to Section 265 -23D of the Code of the City of Sunny Isles Beach, <br />the City Commission shall consider the acceptance of the appraised land value in the amount of <br />Sixteen Million Three Hundred Fifty Thousand Dollars ($16,350,000) for the receiving site for <br />the purpose of calculating the square foot value of the approved TDRS; and <br />WHEREAS, the Applicant is required to pay a per square foot price of $20.00 as agreed <br />upon based on appraisals prepared by Applicant and the City; and <br />WHEREAS, the City Commission agrees to accept One Million <br />Eight Hundred Ninety Three Thousand Six Hundred Dollars ($1,893,600) from the Applicant for <br />the transfer of Ninety Four Thousand Six Hundred Eighty (94,680) square feet of floor area and <br />Forty Five (45) dwelling units; and <br />WHEREAS, the property receiving the TDRS is described as follows: <br />Parcel 1. 2nd Rev. Bella Vista PB 50 -76 Lot 26 Less R/W Lot size 32814 sq ft or 21072- <br />1453 0203 6 COC 26215 -0676 02 2008 6 or 26215 -0676 0208 03. <br />Toone Center Development Properties, LLC. Cir, TDR Bank Page 1 of 3 <br />3 <br />