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RESOLUTION NO. 2013- 2,Q52. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AMENDING ZONING RESOLUTION NO. 11 -Z -123 TO CREATE A PRIVATE SUB - ACCOUNT IN THE TDR BANK FOR UNUSED TRANSFER OF DEVELOPMENT RIGHTS ( "TDRS ") IN THE AMOUNT OF ONE THOUSAND FIVE HUNDRED THIRTY NINE SQUARE FEET (1,539) AND ONE (1) UNIT;AMENDING RESOLUTION NO. 12 -Z- 129 TO ELIMINATE THE CONDITIONAL GRANT OF TDRS IN THE AMOUNT OF FIFTEEN THOUSAND (15,000) SQUARE FEET OF FLOOR AREA AND SEVEN UNITS (7) FOR THE PROPERTY LOCATED AT 18555 COLLINS AVENUE; DIRECTING THE ZONING ADMINISTRATOR OR DESIGNEE FOR THE ADJUSTMENT AND MODIFICATION OF THE CITY'S TDRS BANK ACCOUNT; PROVIDING THE CITY MANAGER WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, by Zoning Resolution No. 11 -Z -123, adopted November 17, 2011, the City Commission approved the zoning application submitted by Gilco Realty, L.C. a/k/a 18555 Developers, LLC, ( "Applicant "); for the project known as Porsche Design ( "Project"); and WHEREAS, the City Commission further approved a TDRs application under Zoning Resolution No. 11 -Z -123, requesting the use of One Hundred Fifteen Thousand Four Hundred Eighty Five (115.485) square feet of floor area and Sixty One (6 1) dwelling units; and WHEREAS, the Applicant is only using One Hundred Thirteen Thousand Nine Hundred Forty Six (113,946) square feet of floor area and Sixty (60) dwelling units and the Applicant is seeking to deposit the unused TDRs for the Project in the amount of One Thousand Five Hundred Thirty Nine (1,539) square feet of Floor Area Ratio (FAR) and one (1) dwelling unit into a TDRs sub - account in favor of the Applicant; and WHEREAS, the Zoning Resolution No. 11 -Z -123 was amended by City Commission via Zoning Resolution No. 12 -Z -129 adopted May 10, 2012 and the Applicant received conditional approval to use Fifteen Thousand (15,000) square feet of TDRs and seven (7) dwelling traits for the Project; and WHEREAS, the Applicant has requested the elimination of the conditional approval for the 15,000 square feet of TDRs and 7 dwelling units as reflected in Exhibit "A" attached hereto; and WHEREAS, the City Commission wishes to create the TDR sub - account in the name of Gilco Realty, L.C. a/k/a 18555 Developers, LLC for the deposit of 1,539 square feet of TDRS and 1 dwelling unit; and Gileo Realty. L.C. a/k/a 18555 Developers. LLC TDR Bank Page l of 3