HomeMy WebLinkAboutReso 2014-2339RESOLUTION NO. 2014- 233q
A RESOLUTION OF THE CITY CO?V[MISSION OF THE CITY OF
SUN'N'Y ISLES BEACH, FLORIDA, AUTHORIZING THE
TRANSFER OF DEVELOPMENT RIGHTS ( "TDRs ") IN THE
AMOUNT OF THIRTEEN THOUSAND SEVEN HUNDRED SIXTY
SIX (13,766) SQUARE FEET OF FLOOR AREA ("FAR ") AND
ZERO (0) DR'ELLING UNITS TO 17700 COLLINS AVENUE
OWNER, LLC. FOR THE PROPERTY LOCATED AT 17700
COLLINS AVENUE FROM THE CITY'S TDR BANK ACCOUNT;
DIRECTING THE ZONING ADMINISTRATOR OR DESIGNEE
TO TRANSFER THE TDRs FROM THE CITY'S BANK ACCOUNT
IN ACCORDANCE WITH ZONING RESOLUTION NO.
I - -1 ; AUTHORIZING FOR THE ADJUSTMENT AND
MODIFICATION OF THE CITY'S TDR BANE; 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.1ti � adopted on November 20`h, 2014 the City
Commission approved the zoning application submitted by 17700 Collins Avenue Owner, LLC
( "Applicant') for the transfer of TDRs in the amount of 13,766 square feet of floor area and 0
dwelling units; and
WHEREAS, pursuant to Section 265 -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
Four Million One Hundred Fifty Thousand Dollars (S4,150,000) for the receiving site for the
purpose of calculating the square foot value of the approved TDRs; and
WHEREAS, the Citv's TDR Bank balance will be adjusted to reflect the sale of TDRs to
the Applicant in the amount of Thirteen Thousand Seven Hundred Sixty Six (13,766) square feet
of floor area and Eight (8) dwelling units: and
WHEREAS, the Applicant is required to pay a per square foot price of Forty Three Dollars
(S43.00) as set forth in the appraisal attached as Exhibit "A'; and
WHEREAS, the City Commission agrees to accept Five Hundred Ninety One Thousand
Nine Hundred Thirty Eight Dollars (S591938.00) from the Applicant for the payment of TDRs in
the amount of Thirteen Thousand Seven Hundred Sixty Six (13,766) square feet of floor area and
Zero (0) dwelling units; and
WHEREAS, the receiving site for the TDRs is located at 17700 Collins Avenue._ Sunnv
Isles Beach and is legally described in Zoning Application No. PZ2014 -14; and
17700 Collins Avenue Owner, LLC - Cirr TDR Bank Page I of 3
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 CONEMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
Section 1. 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 Rights. Pursuant to Section 265 -23 of the
City Code and in accordance with Zoning Resolution \o4-Z_(0, the City Commission hereby
authorizes the transfer of the development rights in the amount of Thirteen Thousand Seven
Hundred Sixty Six (13,766) square feet of floor area and Zero (0) dwelling units to 17700 Collins
Avenue Owner, LLC. from the City's TDR bank account.
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 17700 Collins Avenue
Owner, LLC. in accordance with Zoning Resolution No. (.
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 Thirteen Thousand
Seven Hundred Sixty Six (13,766) square feet of floor area and Eight (3) dwelling [nits.
Section 5. Payment Agreement for the Transfer of Development Rights. The Applicant shall
provide the City with a non - refundable deposit in the amount Fifty Nine Thousand One Hundred
Ninety Five Dollars (S59,195) which is 10% of the approved purchased price of Five Hundred
Ninety One Thousand Nine Hundred Thirty Eight Dollars (S591,933) 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. (y -Z- g
Section 6. Authoritv of the Citv Manager and Citv Attomev. 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 20' day of November, 2014.
17700 Collins Avenue Owner, LLC - On. TDR Bank Page 2 of 3
ATTEST:
Gin,Q-
Jane A. HI. nes, MMC, City Clerk
APPROVED A TO FORM
AND LEf;1��FFICIENCY:
Attorney
Vote: S —b
Mayor Edelcup
Vice Mayor Aelion
Commissioner Gatto
Commissioner Levin
Commissioner Scholl
Moved by: C✓ L 1OO
Seconded by: 0,6IW^lIaQz%b &A e SC��
(Yes)
(No)
(/(Yes)
(No)
Yes)
(\'o)
(Yes)
(No)
(Yes)
(No)
17700 Collins Avenue Owner, I.I.0 - Cin- TDR Bank Page 3 of 3
AppraisalFirst
Real Estate Appraisers LLC
1443 Biscayne Boulevard, Suite 211
Miami, Florida 33132
Phone: 305470 -2130
Fax: 305 -381 -8047
E -mail: residential0daoaisalfirst.net
E -mail: commercial0appaisalfirst.net
September 17, 2014
Robert I, Finvarb
President and Chief Executive officer
Robert Finvarb Companies
1065 Kane Concourse, Suite 201
Bav Harbor Islands; Florida 33154
Re: A commercially zoned property located at 17700 Collins Avenue, Sunny Isles Beach, Florida
33160.
Dear Mr. Finvarb:
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. This is an Appraisal Report which is
intended to complywith 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 Report
The value opinion reported is qualified by certain definitions, limiting conditions and certifications
which are set forth on pages 32 through 34 of this report. The extraordinary assumption as it relates
to market value is stated herein. The report is not premised upon a hypothetical condition.
This appraisal report is in compliance with the minimum standards of the Uniform Standards of
Professional Appraisal Practice ( USPAP 2014 - 2015). Because the intended use of the appraisal is
for internal purposes the report may not be in conformance with Title XI of FIRREA and Department
of the Treasury Interagency Appraisal and Evaluation Guidelines.
The subject property of this appraisal is the underlying commercially zoned, land area that is
improved with a retail store that was completed in 1957 and contains 14,637 square feet of building
area. The subject parcel contains 32,085 square feet or .737 acres of land area (Survey).
Robert 1, Finvarb
President and Chief Executive officer
Page Two
As per the LDR, at the time of approval of the TDR's, 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.
Zoning and Legal Officials with the City, of Sunny Isles Beach established parameters with
regard to the selection of comparable sales. These parameters preclude the Appraiser from
going outside the City limits to search for comparable land sales. Because of the parameters
and restrictions enforced by City, officials toward the appraisal process the conclusion should
not, and has not been, considered market value as typically defined. The conclusion is the
most probable price paid by a developer for TDR's in Greater Sunny Isles Beach and not a
market supported value.
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
included in the addenda.
I have not provided professional services related to the subject property, as an appraisers or in any
other professional capacity, within the prior three years, preceding this date of appraisal.
By virtue of my investigation and analyses, it is the opinion of the appraiser that, the cost per unit
for the purchase of TDR's, as they pertain to the subject property, as a fee simple estate, as of
September 15, 2014, is:
S43.00 Per SF of Allowable FAR
Respectfully submitted.
Frank Hornstein, MAI
State - Certified General
Real Estate Appraiser, No. RZ1376
EXECUTIVE SUDIbIARY
Property Type: A commercially zoned parcel of land.
Intended Use: The intended use of the appraisal report will be to assist the client in
establishine the cost of Transfer Development Rights (TDR's) as it
pertains to the subject property.
Intended User: Robert Finvarb Companies and/or assigns.
Property Description:
Location: 17700 Collins Avenue,
Sunny Isles Beach, Florida 33160
Folio 31- 2211 - 004 -004 -0380
Number:
Zonin ,a: B -1, Neighborhood Business District by the City of
Sunny Isles Beach, Florida.
Site Size: .7323 acres or 31.900 square feet (Public Records)
.7366 acres or 32,085 square feet (survey).
Census Tract: 1.26
Flood Zone: AE
Date of Value: September 15, 2014
Date of Report: September 17, 2014
Property Rights Appraised: Fee Simple Estate
Highest & Best Use: Future mixed use development in accordance with the zoning code
and Sunnv Isles Beach LDR.
Marketing/Exposure Time: Within 12 months
VALUE INDICATIONS
Market Value
Sales Comparison Approach: $4,150,000
Final Per SF of Allowable FAR 543.00
yF �• FLOP\ y4
f�T` OF SUN 'aG
TO:
VIA:
FROM
DATE:
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947 -0606 City Hall
(305) 949 -3113 Fax
(305) 947 -2150 Building Department
(305) 947 -5107 Fax
MEMORANDUM
The Honorable Mayor and City Commission
Christopher J. Russo, City Manager
Claudia Hasbun, Planning and Zoning Administrator
November 20, 2014
RE: 17700 Collins Avenue Owner, LLC. — TDRs Application
Residence Inn by Marriott — Sunny Isles Beach
17700 Collins Avenue
Appl. No. PZ2014 -14
City Commission
Norman S. Edelcup, Mayor
Isaac Aelion, Vice Mayor
Jeanette Gatto, Commissioner
Jennifer Levin, Commissioner
George "Bud" Scholl, Commissioner
Christopher J. Russo, City Manager
Hans Ottinot, City Attomey
Jane A. Hines, City Clerk
REQUEST: The Applicant is requesting to approve the utilization of public TDRs in the
amount of 13,766 square feet of development rights and 0 dwelling units.
However, the reduction from the City's TDRs bank will reflect a total of 13,766
square feet and eight (8) dwelling units. The effect of the TDR's purchase and
approval on the project would be an increase in F.A.R. only since this project
does not include a residential component.
The appraisal report reflects the square foot value of a TDRs as Forty Three
Dollars ($43.00) per square foot. Thus, the total TDR purchase is $591,938.
The Applicant shall provide the City with a non - refundable deposit in the
amount of ten percent (10 %) of the approved purchased price of $591,938
for the Transfer Development Rights (TDRs) purchased from the City Bank.
The total amount of the deposit is $59,195. Failure to pay the required deposit
within the three (3) working days of approval of the Transfer Development
Rights (TDRs) application and site plan application shall result in an
automatic voiding of the City Commission approval of the Receiving Site,
transfer of Transfer Development Rights (TDRs), and site plan approval.
RECOMMENDATION:
Based on staff review of the submitted TDRs application, the application is
consistent with the City's Comprehensive Plan and the City's Land
Development Regulations and staff does not have any objection to the
assignment of TDRs.
ATTACHMENTS:
Resolution
TDRs application
Appraiser Report — Executive Summary