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4/12/2018 Item Coversheet <br /> fl <br /> SUNNY lS�F <br /> City of Sunny Isles Beach <br /> r 18070 Collins Avenue <br /> _ 1 Sunny Isles Beach, Florida 33160 <br /> (305)947-0606 City Hall <br /> P y <br /> S (305)949-3113 Fax <br /> MEMORANDUM <br /> TO: The Honorable Mayor and City Commission <br /> VIA: Christopher J. Russo, City Manager <br /> FROM: Claudia C. Hasbun, Planning and Zoning Director <br /> DATE: 4/19/2018 <br /> Transfer Development Rights for the Estates at <br /> • RE: Acqualina <br /> 17901 Collins Avenue <br /> PZ2018-01 <br /> RECOMMENDATION: <br /> This Resolution is presented for your consideration. <br /> REASONS: <br /> Staff has no objection to the TDRs assignment provided that all <br /> conditions for the Site Plan are satisfied. <br /> The Applicant is requesting to approve the assignment and purchase <br /> of Transfer Development Rights (TDRs) in the amount of 27,147 <br /> square feet of development rights and 0 dwelling units with an <br /> adjustment from the City TDRs bank in the amount of 27,147 square <br /> feet and 13 dwelling units. <br /> The City shall consider the acceptance of the appraised land value of <br /> $125.00 per square feet, for a total of $3,393,375.00 for the TDR's <br /> purchase. The Applicant shall provide the City with a non-refundable <br /> deposit in the amount of ten percent(10%)of the approved purchased <br /> price. The total amount of the deposit is $339,337.50. The deposit is <br /> required within the three (3) working days of approval of the Transfer <br /> Development Rights (TDRs)application. <br /> ATTACHMENTS: <br /> Description <br /> Resolution <br /> Transfer Development Rights Application <br /> Letter of Intent (FINAL). <br /> Appraisal Executive Summary Report <br /> Item Number: 10.E. <br /> https://sunnyisles.novusagenda.com/AgendaWeb/CoverSheet.aspx?ItemlD=2326 1/1 <br />