Reso 2018-2803 - Laserfiche WebLink

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S,014" 15'46- City George Bud"Scholl,Maof SunnyIsles Beach citycooll,Maor Mayor r> eAvenue, Dana Goldman,Vice Mayor \F 18070 Collins Suite 250 _ `, Isaac Aelion, Commissioner Q = Sunny Isles Beach, Florida 33160 Jeanette Gatto,Commissioner * -'' t Larisa Svechin,Commissioner r,_� (305)947-0606 City Hall (305)949-31 13 Fax /9 i%.�- e- Christopher J.Russo City Manager yE 1' F LOQ\ 5� (305)947-2150 Building Department a° (305)947-5107 Fax Hans Ottinot,City Attorney r o f suN P Mauricio Betancur,CMC,City Clerk MEMORANDUM TO: The Honorable City Commission FROM: George "Bud" Scholl, Mayor DATE: April 19, 2018 RE: Approving a Non-Binding Letter of Intent to Accept Donation of Property Located at 18500 Collins Avenue in exchange for Transfer of Development Rights ("TDRs") RECOMMENDATION: The attached Resolution is presented for your consideration. REASONS: During a recent workshop, I had informed members of the City Commission that I was engaged in negotiations to acquire the Navarro Pharmacy property to add to the City's existing property inventory on the north end of the City to create more green space and parks. The negotiation has been finalized and the attached Letter of Intent ("LOI") provides the specific terms for the donation of the Navarro Property. The following are the pertinent terms of the LOI: 1) NDPRE #14, LLC, ("Owner") will donate to the City the Navarro Property located at 18500 Collins Avenue, Sunny Isles Beach, Florida 33160. 2) The City will create a private TDR Bank account for the Owner by depositing 126,615 square feet of floor area and 56 dwelling units. The City will be responsible for selling the TDRs at $125 per sq. ft. by December 31, 2021. 3) If the City is not able to sell the Navarro's TDRs by December 31, 2021, the City is required to pay Navarro for the remaining TDRs in three (3) equal installations per year provided that Navarro terminates a 5 year option under the existing Lease Agreement for the property before December 31, 2021. Similarly, if the 5 year option is not terminated, the City will pay Navarro for the remaining TDRs in five (5) equal installations per year ending January 1, 2027. 4) Upon the creation of the private TDR bank for the Navarro's TDRs, the Owner will deliver to the City's Escrow Agent a copy of an Original Unrecorded Warranty Deed. 5) If the City is able to sell fifty percent (50%) of the Navarro's TDRs, the Navarro Property will be transferred to the City. The transfer of the property must take place before December 31, 2021. As a result of the donation of the Navarro Property, the City will finally be able to create the much needed neighborhood park or green space along Collins Avenue on the north end of the City.