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ksor.Yistf., City of Sunny Isles Beach <br /> 9 18070 Collins Avenue <br /> Sunny Isles Beach, Florida 33160 <br /> F 1o¢w 4,7 (305)947-0606 City Hall <br /> T <br /> ' *or sot+ �`8 (305)949-3113 Fax <br /> MEMORANDUM <br /> TO: The Honorable Mayor and City Commission <br /> VIA: Christopher J. Russo, City Manager <br /> FROM: Tiffany Neely,Acting Finance Director <br /> Claudia Hasbun, Planning and Zoning Director <br /> DATE: 10/18/2018 <br /> RE: Estates of Acqualina's Extension Request for TDRs and <br /> Density Bonus Payments <br /> RECOM M ENDAT ION: <br /> This Resolution is presented for your consideration. <br /> REASONS: <br /> By Resolution No. 18-Z-165, adopted on April 19, 2018, Resolution <br /> No. 15-Z-153, adopted on April 16, 2015, and Resolution No. 14-Z- <br /> 144, adopted on September 18, 2014 ("Zoning Resolution"), the City <br /> Commission approved a phase development project consisting of two <br /> (2) condominium towers with 248 dwelling units. The development <br /> project is commonly known as Estates of Acqualina (the "Project") and <br /> is being developed by A3 Development, LLC. (the "Developer"). <br /> Upon final approval of the Project, the City Commission approved <br /> respectively Transfer of Development Rights ("TDRs") in the amount <br /> of 42,944 square feet of floor area and 463,558 square feet of floor <br /> area under the Density Bonus program. The equivalent cash value for <br /> the TDRs and Density Bonuses are $5,368,000.00 for the TDRs and <br /> $15,017,792.00 for the Density Bonuses. Pursuant to the Zoning <br /> Resolution, the Developer provided the City with initial deposits to <br /> reduce the balance of the required payments for TDRs and Bonuses. <br /> Currently, the Developer owes the City the sum of $17,847,212.80 for <br /> TDR and Bonus payments. <br /> 290 <br />