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RESOLUTION NO. 2025 - *60 <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, <br />FLORIDA, APPROVING THE PURCHASE AND ASSIGNMENT OF TRANSFER OF <br />DEVELOPMENT RIGHTS ("TDRS") IN THE AMOUNT OF 313 SQUARE FEET OF <br />FLOOR AREA RATIO ("FAR") AND ZERO (0) DWELLING UNITS FROM THE CITY'S <br />PUBLIC TDR BANK ACCOUNT TO GIBOR SOUTH LP; AUTHORIZING THE PLANNING <br />AND ZONING DIRECTOR TO WITHDRAW 313 SQUARE FEET OF FAR AND ZERO (0) <br />DWELLING UNITS FROM CITY'S PUBLIC TDR BANK ACCOUNT AND ASSIGNING <br />THE 313 SQUARE FEET OF FAR TO THE PROPERTY LOCATED AT 17749 COLLINS <br />AVENUE, UNIT 801; AUTHORIZING THE ADJUSTMENT AND MODIFICATION OF <br />THE CITY'S TDR BANK ACCOUNT; PROVIDING THE CITY MANAGER AND THE CITY <br />ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. <br />WHEREAS, by Zoning Resolution No. Z nail$adopted on�Jut..yt [7. =_S—, the City <br />Commission of the City of Sunny Isles Beach (the "City Commission' approved Site Plan <br />Modification & Transfer of Development Rights ("TDRs") submitted by Gibor South LP <br />("Applicant") related to the property located at 17749 Collins Avenue, Unit 801, Sunny Isles Beach, <br />Florida (the "Property"), in the amount of 313 Square Feet of FAR and Zero (0) Dwelling Units <br />("Purchased TDRs") from City's Public TDR Bank Account and assigning the Purchased TDRs to the <br />Property; and <br />WHEREAS, the Property is described in Exhibit "A", attached hereto; and <br />WHEREAS, the City Commission hereby agrees to approve the sale and assignment of the <br />Purchased TDRs from the City's public TDR Bank account to the Applicant; and <br />WHEREAS, the Purchased TDRs are solely being utilized and assigned to the Property that <br />is the subject of the Site Plan Modification application for the development; and <br />WHEREAS, the City's public TDR Bank account will be adjusted to reflect the withdrawal <br />of the Purchased TDRs to the Applicant and to reflect the assignment to the Property; and <br />WHEREAS, the City Commission agrees to authorize the sale and the assignment of the <br />Purchased TDRs contemplated herein as an incentive for development pursuant to its Charter <br />and Home Rule Authority. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Incorporation of Recitals. The foregoing recitals are true and correct and are <br />incorporated herein by reference as if they are fully set forth herein. <br />Section 2. Authorizing the Sale and Assignment of TDRs from the City's public TDR account to <br />Gibor South LP. The City Commission hereby approves the sale and assignment of Purchased <br />@BCL@3C1482FC Page 1 of 2 <br />