HomeMy WebLinkAboutReso 2014-2275RESOLUTION NO. 2014 -Z2 -75
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE
TRANSFER OF DEVELOPMENT RIGHTS ( "TDRS ") IN THE
AMOUNT OF ONE HUNDRED THIRTY SEVEN THOUSAND
EIGHT HUNDRED THIRTY THREE (137,833) SQUARE FEET OF
FLOOR AREA ( "FAR ") AND FIFTY FIVE DWELLING UNITS (55)
TO BEACH ACQUISITION, LLC. FOR THE PROPERTY
LOCATED AT 18501 COLLINS AVENUE FROM THE CITY'S TDR
BANK ACCOUNT; PROVIDING FOR A CONDITIONAL CREDIT
IN THE AMOUNT OF TWENTY FOUR THOUSAND SIX
HUNDRED THIRTY FOUR (24,634) AND NINE (9) DWELLING
UNIT; DIRECTING THE ZONING ADMINISTRATOR OR
DESIGNEE TO TRANSFER THE TDRS FROM THE CITY'S BANK
ACCOUNT IN ACCORDANCE WITH ZONING RESOLUTION NO.
14-7-143; AUTHORIZING FOR THE ADJUSTMENT AND
MODIFICATION OF THE CITY'S TDR BANK; PROVIDING THE
CITY MANAGER AND CITY ATTORNEY WITH THE
AUTHORITY TO DO ALL THINGS NECESSARY TO
EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, by Zoning Resolution No.14•Z• le adopted July 31. 2014. the City
Commission approved the zoning application submitted by Beach Acquisition. LLC..
( "Applicants') for the transfer of TDRS in the amount of One Hundred Thirty Seven Eight Hundred
Thirty Three (13)7,833) square feet of floor area and Fifty Five (66) dwelling units: and
WHEREAS, pursuant to Section 266 -23E of the Code of the City of Sunny Isles Beach.
the City Commission shall consider the acceptance of the appraised land value in the amount of
Fifty Seven Million Dollars ($67,000;000) for the receiving site for the purpose of calculating the
square foot value of the approved TDRS: and
WHEREAS; the Applicant has agreed to donate to the City the land located on 1861' Street
and Atlantic Avenue ( "Parking Lot Land ") for a conditional credit of TDRS in the amount of
Twenty Four Thousand Six Hundred Thirty Four (24,634) square feet of floor area and Nine (9)
dwelling units in accordance with the site plan approved under Zoning Resolution No.14• Z' 143 ;
and
WHEREAS, subject to conditional credit of TDRS; the City's TDR Bank balance will be
adjusted to reflect the sale of TDRS to the Applicant in the amount of One Hundred Thirteen
Thousand One Hundred Ninety Nine (113,199) square feet of floor area and Fifty Five (46)
dwelling units: and
WHEREAS, the Applicant is required to pay a per square foot price of One Hundred
Twenty Five Dollars (5126.00) as set forth in the appraisal attached as Exhibit "A ": and
Beach Acquisition LLC a /k /a Turnbern Inc TDR Bank Page 1 of 3
WHEREAS. the City Commission agrees to accept Fourteen Million One Hundred Forty
Vine Thousand Eight Hundred Seventy Five Dollars ($14;149,875.00) from the Applicant for the
payment of TDRS in the amount of One Hundred Thirteen Thousand One Hundred Ninety Nine
(113,199) square feet of floor area and Fom Six (46) dwelling units: and
WHEREAS. the property receiving the TDRS is located at 18501 Collins Avenue. Sunny
Isles Beach and is legally described in Zoning Application No. PZ2014 -08; and
WHEREAS, the City Commission wishes to approve the transfer of the TDRS
contemplated herein in accordance with its TDRS ordinance.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
Section L Incorporation of Recitals. The foregoing recitals are true and correct and are
incorporated herein by reference as if they are fully set forth herein.
Section 2. Authorizing the Transfer of Development Riehts. Pursuant to Section 265 -23 of the
City Code and in accordance with ZoninQ Resolution No.14.1.141 the City Commission hereby
authorizes the transfer of the development rights in the amount of One Hundred Thirty Seven Eight
Hundred Thirty Three (137,833) square feet of floor area and Fifty Five (55) dwelling units to
Beach Acquisition. LLC. from the City's TDR bank account. The City Commission hereby
approves a conditional credit of Twenty Four Thousand Six Hundred Thirty Four (24.634) square
feet of floor area and Nine (9) dwelling units for donating and transferring of legal title to the City
of Sunny Isles Beach for the Parking Lot Land. If Applicant fails to transfer legal title of the
Parking Lot Land to the City. the Applicant shall be required to pay for the conditional credit TDRs
based on a $125 per square foot price.
Section 3. Directive to Zoning Administrator. The Zoning Administrator or designee is hereby
directed to transfer the development rights from the City's TDR Bank to Beach Acquisition, LLC.
Inc., in accordance with Zoning Resolution No. 14.1.143
Section 4. Authorizing the Adjustment and Modification of TDRS. The Zoning Administrator
is hereby authorize to adjust by decreasing the City's TDR bank account by One Hundred Thirty
Seven Eight Hundred Thirty Three (137;833) square feet of floor area and Fifty Five (55) dwelling
units subject to the conditional credit of 24, 634 square feet of floor area and 9 dwelling units with
the conditional credit. If conditional credit is provided, the adjustment to the City's yTDR bank
account shall be 1 13.199 square feet of floor area and 46 dwelling units.
Section 5. Authorizing Payment Agreement of the Transfer of Development Riehts. The
Applicant shall provide the City with a non - refundable deposit in the amount One Million Four
Hundred Fourteen Thousand Nine Hundred Eighty Eight Dollars (S 1.414,988.00) which is 10% of
the approved purchased price of Fourteen Million Three Hundred Thousand One Hundred Twenty
Five Dollars IS 14.149.875) within three (3) working days of the approval of this Resolution. The
remainder of the payment is due prior to issuance of the building permit for the site plan approved
in accordance with Zoning Resolution No. 14.7.143 Notwithstanding the foregoing. the City
Attorney or his designee shall have the authority to use the non - refundable deposit herein and other
Beach Acquisition LLC a /k /a Turnberry Inc. TDR Bank Page 2 of 3
TDR payments received from this sale of the TDRs herein to pay off Settlement TDRs referenced
in the Settlement Agreement in the case styled "Temple B'Nai Zion v. City of Sammy Isles Beach,
Case No. 10- 4549- CIV- KH1i'�', pending in the United States District Court for the Southern
District of Florida (the "Lawsuit ") as part of the sale of TDRs to the Applicant.
Section 6. Authoritv of the Citv Manager and Cite Attorney. The City Manager and City
Attorney are hereby authorized to do all things necessary to effectuate this Resolution.
Section 7. Effective Date. This Resolution shall become effective upon adoption.
PASSED AND ADOPTED this 31 day of July. 2014.
ATT. S"
Jane A. Fliries9 City Clerk. MMC
APPROVED AS TO FORM
AND JX�,GAIAOYANEN(
Citv Attornev
Vote:
Mayor Edelcup
Vice Mayor Aelion
Commissioner Gatto
Commissioner Levin
Commissioner Scholl
Moved bv: �OMAli4. Sck-,,w
Seconded by: V 1 CE MHOL FC _LA M
✓ (Yes)
(No)
V (Yes)
(No)
(Yes)
(No)
(Yes)
('No)
–(Yes)
—(No)
Beach Acgwsirion L.LC a /k /a Turnbem Inc. TDR Bank Page 3 of 3
AppraisalFirst
Real Estate Appraisers LLC
1444 Biscayne Buulmrard, Suite 211
Miami, Florida 33132
Phone: 305 -470 -2130
Fax: 305- 381 -8047
.. & mail' midentialQapraisalfint.nel
E-mail: eommemialr4appraisalfiru net
June 27, 2014
Beach Club Acquisition, LLC
19950 West Country Club Drive, 10'h Floor
Aventura, Florida 33180
Re: A multi- family zoned, ocean front, property located at 18501 Collins Avenue, Sunny Isles
Beach, Florida 33160.
Dear Gentleman:
As requested; I have prepared the attached appraisal report of the above referenced property. The
purpose of the report is to estimate a cost per unit for the purchase of Transfer Development Rights
(TDR's), as it pertains to the underlying subject property, as a fee simple estate. This is an Appraisal
Report which is intended to comply with reporting requirements set forth under Standards Rule 2-
2(a) of the Uniform Standards of Professional Appraisal Practice (2014-2015). Under the previous
USPAP for 2012 -2013 the report would have been described as a Summary R.-pon
The value opinion reported is qualified by certain definitions, limiting conditi(m, w)d ccrti fications
which are set forth on pages 35 through 37 of this report. The report inc)vxks rr hpputhetical
conditions or extraordinary assumptions.
This appraisal report is in compliance with the minimum standards of the t r,fimm Standards of
Professional Appraisal Practice ( USPAP 2014- 2015). Because the intended -.r of d+r rgraisal is
for internal purposes the report may not be in conformance with Title XI of FIR R EA --.*4 Npartment
of the Treasury Interagency Appraisal and Evaluation Guidelines.
Exhibit "A"
Beach Club Acquisition, LLC
Page Two
The subject property of this appraisal is the underlying, MU -R zoned, parcel of land that is improved
with the Turnbeny Isles Ocean Club. The club house contains a total of 6,690 square feet and was
completed in 1984. The subject parcel includes a total area of 99,879 square feet or 2.293 acres
(Survey and Public Records). The parcel sits along the east side of Collins Avenue, at about 185'
Street and includes about 200 + feet of frontage along the Atlantic Ocean.
As per the LDR, at the time of approval of the TDRs, the City Commission shall consider the
acceptance of the appraised land value for the receiving site as follows: the cost for a square foot of
development right shall be determined by the market value of the receiving site as determined by a
current real estate appraisal (updated no more than three months from the date the application is
heard at a public hearing) prepared for the City by an appraiser, selected by the City Manager, but
paid for by the owner of the receiving site. The appraisal amount shall then be divided by the
permitted floor area ratio, including bonuses on the receiver site.
Because of increasing market values and the resulting prohibitive cost of TDR's the client has
requested a special extraordinary assumption in determining said costs. As per this request the
current cost of the TDR's will be based on an average of sales, over a period of time, of similar type
properties in Sunny Isles Beach. This may not equate to the current market value of the site, but
rather a purchase price for said TDR's.
The appraiser has previously provided consultation and value estimates for properties similar to the
subject property throughout the South Florida region. As such, the appraiser is in compliance with
the competency provision contained within USPAP. A copy of the appraiser's qualifications is
inaudcd in the addenda.
I txavc not provided professional services related to the subject property, as an appraisers or in any
odwr ;xofessional capacity, within the prior three years, preceding this date of appraisal.
B: r issue of my investigation and analyses, it is the opinion of the appraiser that, the cost per unit
. da purchase of TDR's, as they pertain to the subject property, as a fee simple estate, as of May
]..
2v 14, is:
$125.00 Per SF of Allowable FAR
R n;w%tful ly submitted,
Frank Hornstein, MAI
State- Certified General
Real Estate Appraiser, No. RZ1376
Sales Comparison Approach: 557,000,000 - TDR Cost Basis
Final Per SF of Allowable FAR $125.00
EXECUTIVE SUMMARY
Property Type:
A multi- family zoned ocean front parcel of land.
Intended Use:
The intended use of the appraisal report will be to assist the client in
establishing the cost of Transfer Development Rights (TDR's) as it
pertains to the subject property.
Intended User:
Beach Club Acquisition, LLC and/or assigns.
Property Description:
Location 18501 Collins Avenue,
Sunny Isles Beach, Florida 33160
Folio Number 31 -2202- 003 -0190
Zoning: MU -R, a mixed use resort district by the City of
Sunny Isles Beach, Florida.
Site Size: 2.293 acres or 99,879 square feet (Survey& Public
Records)
Census Tract: 1.23
Flood Zone: X, AE and VE (See Addenda)
Date of Value:
May 22, 2014
Date of Report:
June 2?. 2014
Property Rights Appraised:
F:e Simple Estate
Highest & Best Use:
Fume condominium development in accordance with the zoning
.dc ws I Sunny Isles Beach LDR.
Marketing/Exposure Time:
'A ithtw t 2 ninths
VALUE INDICATIONS
Sales Comparison Approach: 557,000,000 - TDR Cost Basis
Final Per SF of Allowable FAR $125.00
TDR lot I CH
City Use Only
Date Received
JUN - 5 2014
i ,"
FL00.
fFTy OF SUN
OF DEVELOPMENT RIGHTS
PROGRAM CERTIFICATE
Clerk of Court Use Only
APPLICANT INFORMATION
NAME Beach Club Acquisition LLC
driordan@turnberry.com
PHONE 305 - 682 -4276 E -MAIL FAX
ADDRESS 19950 W Country Club Drive 10th Floor
CITY AND STATE Aventura Florida ZIP CODE 33180
II. RECEIVER SITE INFORMATION AS APPLICABLE
OWNERS NAME Beach Club Acquisition LLC
driordan@turnberry.co
305 -682 -4276 E -MAIL FAX
ADDRESS 19950 W Country Club Drive 10th F
CITY AND STATE Aventura, Florida ZIP CODE 33180
PROPERTY ADDRESS /LOCATION 18501 Collins Ave Sunny Isles Beach FI 33160
LEGAL DESCRIPTION See Attached Survey
FOLIO NUMBER 31- 2202 - 003 -0190 CURRENT ZONING MU -R
PROPERTY SIZE 2.29 acres PURCHASE DATE March 6 2014
City of Sunny Isles Beach Y . �~� J'F �� uPlanning and Zoning Department
MR Nit CH
EXISTING USE OF PROPERTY Private Club
EXISTING STRUCTURE ON PROPERTY
Private Club
PROPOSED FLOOR AREA RATIO 5.98 —DENSITY-1 54 Units
PERCENTAGE OF RIGHTS TO BE RECEIVED 30%
SQUARE FOOTAGE OF FLOOR AREA TO BE RECEIVED 137.883
DWELLING UNITS TO BE RECEIVED 0
TOTAL FLOOR AREA RATIO INCLUDING TDR 595,345 square feet
TOTAL DWELLING UNITS INCLUDING TDR 154 Units
III. SENDING SITE INFORMATION
OWNERS NAME City of Sunny Isles Beach
PHONE 305 - 947 -0606 E- MAILchasbun @sibfl.net FAX 305- 949 -3113
ADDRESS 18070 Collins Avenue
CITY AND STATE Sunny Isles Beach, Florida ZIP CODE 33160
PROPERTY ADDRESS /LOCATION N/A
LEGAL DESCRIPTION N/A
FOLIO NUMBER N/A CURRENT ZONING N/A
PROPERTY SIZE N/A PURCHASE DATE N/A
EXISTING USE OF PROPERTY N/A
EXISTING STRUCTURES ON PROPERTY
N/A
BASE FLOOR AREA RATIO PERMITTED N/A UNITS PERMITTED N/A
SQUARE FOOTAGE OF FLOOR AREA TRANSFERRED TO TDR BANK N/A
DWELLING UNITS TRANFERED TO TDR BANK N/A
City of Sunny Isles Beach �+ -��� 2 _� wM Planning and Zoning Department
MR M11 M
IV. APPRAISAL INFORMATION - AS APPLICABLE [APPRAISER MUST BE
APPROVED BY THE CITY]
NAME Appraisal First Real Estate Appraisers, LLC
ftank@appraisalfirst.net
PHONE 305 -470 -2100 E -MAIL FAX 305 - 381 -8047
ADDRESS 1444 Biscayne Boulevard Suite 211
CITY AND STATE Miami. Florida ZIP CODE 33132
DATE OF APPRAISAL To be submitted.
APPRAISAL VALUE OF SITE To be submitted.
V. TITLE COMPANY INFORMATION AS APPLICABLE [TITLE COMPANY MUST
BE APPROVED BY CITY]
A COMMITMENT OF TITLE INSURANCE FOR A FORM "B" MUST BE SUPPLIED BY THE
SENDING SITE APPLICANT AS PART OF A COMPLETE APPLICATION
NAME OF TITLE COMPANY
N/A
PHONE E -MAIL FAX
Vt. SURVEY COMPANY INFORMATION
NAME OF SURVEYOR
N/A
PHONE E -MAIL
VII. PROPERTY OWNER CERTIFICATION
NAME OF COMPANY
N/A
PHONE E -MAIL F
VII1.OUTDOOR CODE VIOLATIONS, AS APPLICABLE
City of Sunny Isles Beach ��� Planning and Zoning Department
roR Nil CH
(PROVIDE CERTIFICATION FROM CITY'S CHIEF CODE INSPECTOR)
N/A
IX. CERTIFICATION OF RESOLUTION FOR YOUR PROPERTY AND INCLUDING
ADJACENT LOTS
X. PROPERTY OWNER CERTIFICATION AND ACKNOWLEDGEMENT
1 HEREBY CERTIFY THAT
1) THE INFORMATION FURNISHED ON THIS APPLICATION AND THE ATTACHEMNTS
ARE TRUE
2) 1 AM THE OWNER OF RECORD OF THE PROPERTY DESCRIBED IN SECTION (11) (III)
(circle applicable number).
3) IF THE APPLICATION, AS MODIFIED OR AMENDED DURING THE REVIEW AND
APPROVAL PROCESS, IS GRANTED, I AGREE, IN CONSIDERATION THEREFORE, TO
INDEMNIFY AND HOLD HARMLESS, AND PROMISE NOT TO SUE, THE CITY OF
SUNNY ISLES BEACH, INCLUDING ITS OFFICERS AND EMPLOYEES, IN
CONNECTION WITH ANY CLAIMS OR OTHER ACTIONS ARISING OUT OF SAID
REVIEW AND APPROVAL.
4) I HEREBY ACKNOWLEDGE AND AGREE THAT IF THE PROPERTY IS APPROVED AS
A SENDER SITE, IT SHALL BE CONVEYED TO THE CITY AS VACANT PROPERTY
WITHOUT ANY STRUCTURES LOCATED THEREON, UNLESS OTHERWISE
AAPROVED BY THE CITY MANAGER. THE REMOVAL OF STRUCTURES FROM THE
SITE SHALL BE AT NO COST TO THE CITY.
5) 1 HEREBY ACKNOWLEDGE AND AGREE THAT, AT THE EXPIRATION OF THE FIVE
YEAR PERIOD COMMENCING WITH THE DATE OF THE CITY COMMISSION
APPROVAL OF THE PROPERTY AS A SENDER SITE, ANY UNUSED DEVELOPEMNT
RIGHTS TRANSFERRED FROM THE SENDER SITE SHALL EXPIRE, TERMINATE AND
l BECOME/ EXTINGUISHED AND UNUSABLE.
I�w�� vt —^ • -Or evo'tm \oJ
SIGNATURE OF OWNER (APPLICANT) DATE
SIGNATURE OF CO -OWNER (CO- APPLICANT) DATE
STATE OF FLORIDA
City of Sunny Isles Beach ����� d�� n Planning and Zoning Department
TOR 3011 CH
COUNTY OF MIAMI -DADE
The foregoing instrument was acknowled ed before me this t day of
7M) me, 20th, by 1 I2Rao N111biQ on behalf of
Nub A r o \,. L LQ_ a Florida (corporation) (partnership) (other)
l , ham# 1 cal; i H ti c He She is personally known to me or has produced
(type of identification produced) as identification
and did take an oath.
1
My Commission Expires:
Notary Public State of Florida
CYNtF9A C CIARCM
E(a MY fAFLNI5S10 11 MEE09B83 �U,ir q i 2 S :'M yra,2ols Print Name: Bondedvougo10sTCtep,=creade
STATE OF FLORIDA
COUNTY OF MIAMI -DADE
The foregoing instrument was acknowledged before me this day of
20 , by on behalf of
produced and did take an oath.
My Commission Expires:
, a Florida (corporation) (partnership) (other)
He/She is personally known to me or has produced
(type of identification produced) as identification
Notary Public, State of Florida at Large
Print Name:
City of Sunny Isles Beach S Planning and Zoning Department
r aD FL00. 4�
L s
f C'rr Of SUM e�C
TO:
FROM:
VIA:
DATE:
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947 -0606 City Hall
(305) 949-3 1 13 Fax
(305) 947 -2150 Building Department
(305) 947 -5107 Fax
MEMORANDUM
The Honorable Mayor and City Commission
Claudia Hasbun, Zoning Administrator /Planning Manager
Christopher J. Russo, City Manager
July 31, 2014
RE: Turnberry Ocean Club -
18501 Collins Avenue
Appl. No. PZ2014 -08
REQUEST:
Transfer Development Rights
City Commission
Norman S. Edelcup, Wayor
[sane Aelion, Vice Mayor
Jeanette Gatto, Commissioner
Jennifer Levin. Commissioner
George "Bud" Scholl. Commissioner
Christopher J. Russo, City Afanager
Hans Ottinot, City Aaorney
Jane A. Hines, MMC, City Clerk
The Applicant is requesting to approve the transfer of Transfer Development Rights (TDRs) in
the amount of 137,833 square feet of development rights and 55 dwelling units with a
conditional credit of 24,634 square feet of floor area and 9 dwelling units. The City TDR Bank
account adjustment shall reflect 137,833 square feet of development rights and 55 dwelling
units subject to the conditional credit.
The Applicant has agreed to donate to the City the land located on 185 to Street and Atlantic
Avenue known as the Turnberry parking lot for a conditional credit of TDRs in the amount of
24,634 square feet of floor area and 9 dwelling units.
The City shall consider the acceptance of the appraised land value of $125.00 per square feet,
for a total of $14,300,125 for the TDRs purchase for 113,199 square feet of floor area and 46
dwelling units, based on the conditional credit of TDRs. The Applicant shall provide the City
with a non - refundable deposit in the amount of ten percent (10 %) of the approved purchased
price. The total amount of the deposit is $1,430,013. The deposit is required within the three
(3) working days of approval of the Transfer Development Rights (TDRs) application.
RECOMMENDATION:
Staff has no objection to the TDRs assignment provided that all conditions for the Site Plan are
satisfied.
ATTACHMENTS:
• Resolution
• Appraisal Summary
• TDR Application
Agenda Item 5A
Date -7-31-1