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Home My WebLink AboutReso 2013-2128 RESOLUTION NO. 2013-2.1 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, CONFIRMING THE BALANCE OF TRANSFER OF DEVELOPMENT RIGHTS ("TDRs") CURRENTLY HELD IN THE TDR BANK ACCOUNTS BY THE CITY OF SUNNY ISLES BEACH AND PRIVATE OWNERS, ATTACHED HERETO AS EXHIBIT "A"; REQUIRING YEARLY UPDATES FOR TDRs BANK ACCOUNTS; PROVIDING THE CITY MANAGER WITH THE AUTHORITY TO DO ALL THINGS TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the TDR Ordinance has played an instrumental role in making the City greener by facilitating the creation of open space throughout the City; and WHEREAS, the City Commission wishes to confirm the amount of TDRs currently owned by the City of Sunny Isles Beach and private owners. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section 1. Development Rights Account Balance. The City Commission hereby confirms the balance of Transfer of Development Rights owned by the City and private owners. Section 2. Authority of the City Manager. The City Commission hereby directs the City Manager or designee to provide yearly updates of TDR Bank account balances. Section 3. Effective Date. This Resolution shall become effective upon adoption. PASSED AND ADOPTED this 17th day of October 2013 1 Norman S. Edelcup, Mayor ATTEST: ILA) Jane A. Hines, MMC, City Clerk APPROVED AS TO FORM AND : S ,FFICIENCY lir /„2- - - Al Ahr 07ttinot, City Attorney Moved by: �t csz &oar A4.1-1011 Seconded by: � SC.N 0 L-L- Vote: 5-b Mayor Edelcup V(Yes) (No) Vice Mayor Aelion ✓(Yes) (No) Commissioner Gatto ✓(Yes) (No) Commissioner Levin ■ ( Yes) (No) Commissioner Scholl ✓ (Yes) (No) DEVELOPMENT RIGHTS FROM CITY OWNED PROPERTIES PROPERTIES Sq. Ft. Units 1. Golden Shores Park 11,512 2 2. Pelican Community Park 166,240 100 3. Gwen Margolis Park 248,292 143 4. Gilbert Samson Oceanfront Park 162,914 94 5. Porto Bellagio 131,611 72 6. Heritage Park 533,200 283 7. Bella Vista Park 54,232 21 8. Collins Ave. Parkway 11,568 6 9. 287 SIBlvd 53,905 11 10. 151 SIBlvd (RK) 223,879 95 11. 16200 Collins Ave. (Plaza Isles) 89,951 50 12. 16100 Collins Ave. (Koslosky) 86 095 47 1 100 y) , ( 13. SIBlvd Parking(Milton) 53,905 12 14. Steiger Property- 16050 Collins 74,530 41 15. Marks, et al 215-255 SIB 223,879 95 16. TRG Sunny Isles 77,250 38 Total TDRs from City Owned Properties since 2,202,963 1,110 Adoption of TDR Ordinance 1 Sq.Ft, Units Total TDRs from City Owned Properties since Adoption of TDR Ordinance 2,202,963 1,110 Development Rights Used Or Transferred To Used Sq.Ft. Used Units Private Development From City TDR Bank 1. Fortune Beach 124,991 72 2. S&G Miami Beach 31,266 18 3. Mandalay LLC 36,477 21 4. St.Tropez 112,905 65 5. Trg Sunny isles 177,262 103 6. Mansiana/Solis 63,820 37 7. Regalia 54,385 31 8. St.Tropez II 32,759 17 9. TRG Desert Inn Venture 9,757 5 10. R.K.Associates(Donation)* 58,500 30 11. Plaza Isles(Donation)* 40,000 20 12. Urbis& Key Int. 1,869 1 13. Milton/St.Tropez (Donation)* 29,403 12 14. Dezer Development,LLC(Donation)* 33,750 16 15. Gilco Realty/Porsche(Donation)** 81,000 42 16. 18555 Collins Dcv.,LLC*** 0 0 17. LPLA Partners,LP 25,000 9 18. Gold Club,Inc. (Donation) 20,000 10 18. Towne Center Development(St.Tropez) 94,680 45 Subtotal 1,027,824 554 City's TDR Bank Account Total: 2,202,963 1,110 Subtract Subtotal: 1,027,824 554 TDR BALANCE TOTAL: 1,175,139 556 *Donation of TDRs provided as part of real estate transactions. **Donation provided an exchange for real property donated to the City. ***TDRs were not used and transaction was cancelled. CITY OF SUNNY ISLES BEACH TRANSFER DEVELOPMENT RIGHTS BANK ACCOUNT ACCOUNTS TDR FUNDS COLLECTED TDR FUNDS UNCOLLECTED 1. Fortune Beach $7,558,863.00 $0.00 2. S&G Miami Beach $160,920.00 $0.00 3. Mandalay LLC $1,324,066.00 $0.00 4. St.Tropez $2,184,711.00 $0.00 5. Trg Sunny Isles $13,287,559.00 $0.00 6. Mansiana/Solis $5,408,502.00 **** $0.00 7. Da Vinci $395,917.00 * $0.00 8. Regalia $4,119,249.25 ***** $0.00 9. Ocean Palm $374,926.00 * $0.00 10. Urbis&Key Int. $72,866.00 $0.00 11. Sunny Isles Resort $681,016.00 * $0.00 12. TRG Desert Inn Venture $1,282,655.00 $0.00 13. St.Tropez II $116,261.00 *a $0.00 14. LPLA Partner,LLP $1,625,000.00 $0.00 15. 18555 Collins Dcv.,LLC $0.00 ****** $0.00 16. Fort Apache $517,275.00 *** $0.00 17. Abus,LLC (Mr.Grosskopf) $46,270.00 *** $0.00 18. Abus,LLC (Mr.Grosskopf) $984,940.00 *** $500,000.00 18. Town Center Development(St.Tropez) $189,630.00 *** $1,704,240.00 Uncollected TOTALS: Collected Funds $40,330,626.25 Funds $2,204,240.00 * These developments paid 10%of non-refundable deposit,but development orders expired. TDR's were returned to the City. ** This development received a credit of$841,580.00 from the City,as part of a real estate transaction. *** Transfer fees collected by the City to release West side only condition. **** The purchase price of$5,156,017.00 was increased by an additional$252,485.00 of interest payments. The purchase price of$4,500,206.00 was decreased by$380,957.00 due to settlement ***** of outstanding loan agreement. ******TDRs were reverted to City TDR bank-TDRs were not used by developer. Uncollected Funds Owed to the City for TDRs Sq.Ft. Units TDR Funds Uncollected Transactions 1. Abus,LLC(Mr.Grosskopf) 0 0 $500,000.00 2. Town Center Development(St.Tropez) 94680 45 $1,704,240.00 *The City is collectiong a minimum 5%interest per year. 94,680 45 $2,204,240.00 Total Credit to TDR Bank Total Uncollected Funds Total TDRs Funds Collected $40,330,626.25 TDR Funds Uncollected $2,204,240.00 Total TDRs Funds $42,534,866.25 3 CITY OF SUNNY ISLES BEACH PRIVATE TRANSFER DEVELOPMENT RIGHTS BANK ACCOUNT Accounts Sq. Ft. Units Expiration Date April, 2017 1. Abus, LLC(Mr.Grooskopf) 76,232 39 Resolution 2012-1898 May, 2017 2. 18555 Developers, LLC 1,373 0 Resolution 12-Z-129 3 Milton/St.Tropez 29,403 12 (**) November,2017 4 Palermo Beach, LLC 7,213 3 Resolution 2012-1989 5 Dezer Development, LLC 33,750 16 (*) November, 2013 6 Regalia 15,538 8 Resolution 2008-1350 TOTALS: 163,509 78 (*)The TDRs were a donation from the City to develop an office tower. If TDRs are not used for office tower,TDRs reverts back to the City. f (**)The TDRs are requested to be assigned on site plan modification on October 17,2013. 4 �S( City of Sunny Isles Beach Norman S. Edelcup, Mayor (zro-ANY \S„ 18070 Collins Avenue Isaac Aelion, Vice Mayor Sunny Isles Beach, Florida 33160 Jeanette Gatto, Commissioner 0 � • = Jennifer Levin, Commissioner * 305.947.0606 City Hall George "Bud" Scholl, Commissioner 305.949.3113 Fax P yF 99,*'F R�� P Christopher J. Russo, City Manager rY F`� P�°5 Hans Ottinot, City Attorney OF SUN Jane A. Hines, MMC, City Clerk MEMORANDUM TO: The Honorable Mayor and City Commission VIA: Christopher J. Russo, City Manager FROM: Claudia Hasbun, Zoning Administrator/Planning Manager DATE: October 17, 2013 RE: City of Sunny Isles Beach Transfer of Development Bank Account Annual Update RECOMMENDATION: Staff recommends approval of the attached Resolution developed in conjunction with the City Attorney's Office. REASONS: The City Commission wishes to confirm the amount of development rights that is currently owned by the City and private owners under our Transfer Development Rights (TDR) program. The resolution documents delineate the amount of development rights that are in each TDR account. Page one of the attachment outlines the development rights that the City has acquired during the years. There are 2,202,963 square feet and 1,110 dwelling units from all the properties that the City has acquired. There are no changes from FY12-13. Page two shows the amount of TDRs the City has transferred to private parties. The total amount of TDRs transferred is 1,027,824 square feet and 554 units. There is current balance in the City's TDRs account of 1,175,139 square feet and 556 units as of the date of this memorandum. This current balance reflects a change from FY12-13 which was in the amount of 1,254,819 square feet and 594 units. The decrease from last fiscal year is 79,680 square feet and 38 units; this is the result of the Towne Center Development assignment to St. Tropez Project (94,680 sq ft and 45 units) and the reversion from 18555 Collins Dev. LLC. to the City's TDRs (15,000 sq ft and 7 units). Page three of the attachment shows the funds collected by the City from the sale of TDRs to development projects. Currently the City has collected $40,330,626.25 from the sale of development rights. There is another $2,204,240.00 that the City expects to collect in the near future. Finally, page four delineates the accounts that show the amount of development rights owned by private owners. The accounts total amount to 186,273 square feet and 89 units. There is a change of 204,289 square feet and 111 units; this is the result of the Paramount account assignment to Jade Signature project (149,501 sq ft and 81 units); the R.K. Associates, Inc. account assignment to Unique project (58,500 sq ft and 30 units); the creation of a new Private TDR bank account in favor of Palermo Beach, LLC in the amount of 7,213 sq ft and 3 units; the creation of a new Private TDR bank account in favor of 18555 developers, LLC in the amount of 1,373 square feet and 0 units; there is also the removal of the Mansiana/Solis Private TDRs account in the amount of 4,874 square feet and 3 units since the assignment to the project was under Resolution No. 05-Z-98 and the TDRs have been extended along with all the project's rights.