HomeMy WebLinkAboutReso 2014-2341RESOLUTION NO. 2014--23q I
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 attached as
Exhibit "A ".
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 1. Effective Date. This Resolution shall become effective upon adoption.
PASSED AND ADOPTED this 20' day of November. 2014.
C 7<
s
r.,'ATTEST: "
Jane i es. MM C, City Clerk
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY
� �d by: \ kj c, 1110. 10'10+1
Secondedby: �rny��SS�otJ�2�Ct�pLL
Vote: S_D
Mayor Edelcup
t/ (Yes)
(No)
Vice Mayor Aelion
(Yes)
(No)
Commissioner Gatto
V(Yes)
_(No)
Commissioner Levin
(/ Yes)
(No)
Commissioner Scholl
Yes)
(No)
DEVELOPMENT RIGHTS FROM CITY OWNED PROPERTIES
PROPERTIES
5q. Ft.
Units
1.
Golden Shores Park
11,512
2
2.
Pelican Community Park
166,240
100
3.
Gwen Margolis Park
248,292
143
4.
lGilbert Samson Oceanfront Park
162,914
94
5.
Porto Bellagio
131,611
72
6.
Heritage Park
533,200
283
7.
1 Bella Vista Park
54,232
21
8.
Collins Ave. Parkway
11,568
6
9.
287 SIBlvd
53,905
11
10.
151 SIBIvd (RK)
223,879
95
11.
16200 Collins Ave. (Plaza Isles)
89,951
50
12.
116100 Collins Ave. (Koslosky)
86,095
47
13.
SIBlvd Parking (Milton)
53,905
12
14.
Steiger Property - 16050 Collins
74,530
141
15.
Marks, et al 215 -255 SIB
223,879
95
16.
TRG Sunny Isles
77,250
38
Total TDRs from City Owned Properties since
Adoption of TDR Ordinance
2,202,963
1,110
Exhibit "A"
Total TDRs from City Owned Properties since Adoption of TDR Ordinance
Sq. Ft.
2,202,963
Units
1,110
Development ig s usecl or Transferred I o Private
Development From City TDR Bank
Used Sq. Ft.
Used Units
1.
Fortune Beach
124,991
72
2.
S &G Miami Beach
31,266
18
3. 1
Mandalay LLC
36,477
21
4. Ist.
Tropez
112,905
65
S. ITrg
Sunny Isles
177,262
103
6.
Maa5i44a/Sel4s * * **
63;828
37
7. lRegalia
54,385
31
8.
St. Tropez It
32,759
17
9.
TRG Desert Inn Venture
9,757
5
10.
1 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.
183334G94s1)eY-6L6 ••*
0
0
17.
LPLA Partners, LP
25,000
9
18.
Gold Club, Inc. (Donation)
20,000
10
19
Towne Center Development (St. Tropez)
94,680
45
21
Temple B'Nal Zion, Inc.
15,000
5
22
Beach Acquisition, LLC ( * * * * *)
122,833
50
23
GSF Acquisitions. LLC (Palazzo)
15,797
7
City's TDR Bank Account Total:
2,202,963
1,110
Subtract Subtotal:
1,181,454
616
TDR BALANCE TOTAL:
1,021,509
494
*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.
* * **
TDRs were transferred to a private sub - account.
* * * ** TDRs credit from Temple B'Nai Zion transaction (15,000 sq It and 5 units).
CITY OF SUNNY ISLES BEACH
TRANSFER DEVELOPMENT RIGHTS BANK ACCOUNT
ACCOUNTS
TDR FUNDS COLLECTED
TDR FUNDS UNCOLLECTED
TDR Funds Uncollected
1.
Town Center Development (St. Tropez)
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.
Regalla
$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 11
$116,261.00 ••
$0.00
14.
LPLA Partner, LLP
$1,625,000.00
$0.00
15.
$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)
$1,484,940.00 `•'
$0.00
19.
Town Center Development (St. Tropez)
$189,630.00 "'
$1,704,240.00
20.
1 Beach Acquisitions, LLC (Turnberry)
$1,414,988.00
$12,737,887.00
21.
GSF Acquisitions. LLC (Palazzo)
$197,463.00
$1,777,162.00
TOTALS: Collected Funds
$42,443,077.25
nco ec e
Funds
$16,219,289.00
• 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
Transactions
Sq. Ft.
Units
TDR Funds Uncollected
1.
Town Center Development (St. Tropez)
94680
45
$1,704,240.00
2.
Beach Acquisitions, LLC (Turnberry)
122,833
50
$12,737,887.00
3.
GSF Acquisitions. LLC (Palazzo)
15,797
7
$1,777,162.00
233,310
102
$16,219,289.00
Total Credit to TDR Bank
Total Uncollected Funds
Total TDRs Funds Collected
TDR Funds Uncollected
$42,443,077.25
$16,219,289.00
Total TDRs Funds
$58,662,366.25
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P FLOP os
T� OF SUN �
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
305.947.0606 City Hall
305.949.3113 Fax
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 Attorney
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: November 20, 2014
RE: City of Sunny Isles Beach Transfer of Development Bank Account
Annual Update
RECOMMENDATION:
Staff recommends approval of the attached Resolution.
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 FY13 -14.
Page two shows the amount of TDRs the City has transferred to private parties. The total
amount of TDRs transferred is 1,181,454 square feet and 616 units. There is a current
balance in the City's TDRs account of 1,021,509 square feet and 494 units as of the date
of this memorandum. The decrease from last fiscal year is 153, 630 square feet and 62
units. This is the result of the Temple B'Nai Zion Settlement Agreement, as well as Beach
Acquisition, LLC (Turnberry) and GSF Acquasition, LLC (Palazzo) projects.
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 $42,443,007.25 from the sale
of development rights. There is another $16,219,289.00 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 85,771 square feet and 46 units.
There is a change of 77,738 square feet and 32 units; this is the result of the Palermo
Beach, LLC (later assigned to PMG -S2 Sunny Isles, LLC) and Abus, LLC (later assigned
to Sunny Isles Property Venture, LLC) accounts assignment to the Sunny Isles Venture
project (15701 & 15795 Collins Ave, 83,445 sq ft and 42 units); the St. Tropez account
assignment to St. Tropez (29,403 sq ft and 12 units); the Dezer Development, LLC
account assignment to City Center project (18080 Collins Ave); an adjustment was made
to account owned by 18555 Developers, LLC to correct the square feet by 166 square
feet and one unit; and the creation of a new Private TDR bank account in favor of Gil
Dezer in the amount of 68,694 sq ft and 37 units from Mansiana /Solis Private TDRs
account. The Temple B'Nai Zion sub - account was created and closed pursuant to
Settlement Agreement during the fiscal year in the amount of 15,000 square feet and 5
units.