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RESOLUTION NO.2026 - 6� <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 120,972.18 SQUARE FEET <br />OF FLOOR AREA AND FORTY-EIGHT (48) DWELLING UNITS FROM THE CITY'S <br />PUBLIC TDR BANK ACCOUNT TO MB RE INVESTMENTS, LLC.; AUTHORIZING THE <br />PLANNING AND ZONING DIRECTOR TO WITHDRAW 120,972.18 SQUARE FEET OF <br />FLOOR AREA AND FORTY-EIGHT (48) DWELLING UNITS FROM CITY'S PUBLIC TDR <br />BANK ACCOUNT AND ASSIGNING THE 120,972.18 SQUARE FEET OF FLOOR AREA <br />TO THE PROPERTY LOCATED AT 19051 COLLINS AVENUE; AUTHORIZING THE <br />ADJUSTMENT AND MODIFICATION OF THE CITY'S TDR BANK ACCOUNT; <br />PROVIDING THE CITY MANAGER AND THE CITY ATTORNEY WITH THE <br />AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br />WHEREAS, by Zoning Resolution No. 26-Z-7,7_I , adopted on 19 f the City <br />Commission of the City of Sunny Isles Beach (the "City") approved the Site Plan and TDRS <br />application submitted by MB RE INVESTMENTS, LLC. (the "Applicant") related to the property <br />located at 19051 Collins Avenue, Sunny Isles Beach, Florida (the "Property"), in the amount of <br />120,972.18 Square Feet of floor area and Forty -Eight (48) Dwelling Units from the City's public <br />TDR bank account and assigning the 120,972.18 square feet of floor area solely to the Property; <br />and <br />WHEREAS, the City Commission hereby agrees to approve the sale and assignment of <br />TDRs from the City's public TDR bank account to the Applicant in the amount of 120,972.18 square <br />feet of floor area and Forty -Eight (48) dwelling units; and <br />WHEREAS, the TDRS in the amount of 120,972.18 square feet of floor area are being <br />utilized and assigned solely to the development project of the Property; and <br />WHEREAS, the City's public TDR bank account will be adjusted to reflect the withdrawal <br />and assignment of 120,972.18 square feet of floor area and Forty -Eight (48) dwelling units solely <br />to the development project of the Property; and <br />WHEREAS, the Property receiving the 120,972.18 square feet of floor area is described on <br />Exhibit "A", attached hereto; and <br />WHEREAS, the City Commission agrees to authorize the sale and the assignment of the <br />TDRS contemplated herein as an incentive for development pursuant to its Charter and Home <br />Rule Authority. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, AS FOLLOWS: <br />R2026 TDRS for MB RE Investments 19501 Collins.dou Page 1 of 3 <br />