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Q u:: .='w '='0>- C", u:: LU 0::>- Z (,..;'10:: I.J..LU<I: 0:..:. u:: ::c RESOLUTION NO. 2005- ~:;}~ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA; ACCEPTANCE OF THE APPRAISED LAND VALUE OF ONE HUNDRED THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($103,500,000) FOR THE PROPERTY GENERALLY LOCATED AT 15811 COLLINS AVENUE; PROVIDING FOR PAYMENT IN THE AMOUNT OF THIRTEEN MILLION TWO HUNDRED EIGHTY-SEVEN THOUSAND FIVE HUNDRED FIFTY-NINE DOLLARS ($13,287,559) BY THE APPLICANT FOR THE TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") IN THE AMOUNT OF 177,262 SQUARE FEET OF FLOOR AREA AND EIGHTY-ONE (81) DWELLING UNITS; PROVIDING FOR TEN PERCENT (10%) DEPOSIT FOR TDRS; PROVIDING FOR THE TRANSFER OF CERTAIN NUMBER OF TDRS TO THE APPLICANT UPON RECEIPT OF CERT AIN PAYMENTS; PROVIDING FOR AN ADJUSTMENT OF THE BALANCE OF TDRS FROM THE CITY'S BANK TO REFLECT THE SALE OF TDRS TO TRG SUNNY ISLES, LTD.; PROVIDING THE CITY MANAGER WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, by Zoning Resolution No. 05-Z-94, adopted July 14, 2005, the City Commission approved the zoning application submitted by TRG Sunny Isles, LTD. ("Applicant") for the transfer of TDRs in the amount of 414,207 square feet of floor area and 180 dwelling units; and WHEREAS, the Applicant agrees to purchase TDRs in the amount of 177,262 square feet of floor area and 81 dwelling units from the City's Transfer Development Rights Bank as established pursuant to Ordinance No. 2004-218 for a development project commonly known as Trump Towers I, II, and III; and WHEREAS, pursuant to Section 265-23.4 (b) of the City Code, the City Commission shall consider the acceptance of the appraised land value in the amount of one hundred three million five hundred thousand dollars ($103,500,000) for the receiving site; for the purpose of calculating the square foot value of the approved TDRs; and WHEREAS, the City Commission shall consider the acceptance of thirteen million two hundred eighty-seven thousand five hundred fifty nine dollars ($13,287,559) by the Applicant for the transfer of 177,262 square feet of floor area and 81 dwelling units; and Trump Reso City IDR Page 1 of 3 , , WHEREAS, the City's TDR Bank bahmce will be adjusted to reflect the sale of TDRs to the Applicant to reflect the reduction of 177,262 square feet or floor area and 103 dwelling units; and WHEREAS, the property receiving the TDRs is located at Lots 80 thru 89, Tatum's Ocean Beach Park Subdivision recorded in PB 5 PO 35 of the Public Records of Miami-Dade County, lying East of the Easterly boundary of State Road AlA (a/k/a Collins Avenue), Sunny Isles Beach, Florida. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section I. Incorporation of Recitals. The foregoing recitals are true and correct are incorporated herein by reference as if they fully set forth herein. Section 2. Approval of Appraised Land Value. The City Commission hereby approves the appraised land value one hundred three million five hundred thousand dollars ($103,500.00) ("Appraised Value"), for the Receiving Site as set forth in the attached appraisal summary. Section 3. Total Payment for TDRs Based on the Appraised Value set forth in Section 2 hereinabove, the City Commission hereby approves the payment of thirteen million two hundred eighty- seven thousand five hundred fifty nine dollars ($13,287,559) by the Applicant for the transfer of 177,262 square feet of floor area and 81 dwelling units from the City's TDR Bank to the Receiving Site generally located at 15811 Collins Avenue pursuant to Zoning Resolution No. 05-Z-94. If the Applicant fails to pay the total amount for the TDRs, the City shall retain the development rights for which payment has not been received. Section 4. Deposit. Within three (3) working days of the approval of the Applicant's TDR application and site plan application, the Applicant shall provide the City with a non-refundable deposit in the amount often percent (10%) of the approved purchase price of $13,287,559. The total amount of deposit is $ 1,328,755.00. Failure to pay the required deposit within the three (3) working days of approval of TDR application and site plan application shall result in an automatic voiding of the City Commission approval of the Receiving Site, transfer of TDRs, site plan approval. Section 5. Method of Payment and Distribution of TDRs. The Applicant has agreed to use one third (1/3) of the TDRs purchased from the City for each individual building. The Applicant shall provide payment to the City in amount of $ 3,986,268.00 for the purchase of one third (1/3) of the TDRs prior the issuance of a building permit for a particular building. The City shall transfer one third (1/3) ofTDRs to the Applicant upon receipt of payment. Section 6. Adiustment to TDR Bank. The Zoning Administrator is hereby instructed to make necessary adjustments to the City's TDR Bank Account to reflect the sale of TDRs to the Applicant, and to make an adjustment to the City's TDR Bank to reflect a decrease of 177,262 square feet and 103 units. Trump Reso City lDR Page 2 of 3 Section 7. Authority of the City Manager. The City Manager is hereby authorized to do all things necessary to effectuate this Resolution. Section 8. Effective Date. This Resolution shall become effective upon adoption. PASSED AND ADOPTED this 14th day of July 2 ATTEST: ~'A.~ Jane A. Hines, CitY,Clerk , . APPROVED AS TO FORM AND L L E IENCY: Moved by: CoW\Moi\\~'OA)f.te. ~~S'Irt-S Seconded by: ~~JhA 1 D l\) ER- c;,~tr\ ~tU Vote: 5-0 Mayor Edelcup Vice Mayor Thaler Commissioner Brezin Commissioner Goodman Commissioner Iglesias V'(Y es) V (Yes) ~Y es) :-:. CY es ) ~Yes) _(No) _(No) _(No) _(No) _(No) Trump Reso City TDR Page 3 of 3 R [:~te:i~:~~~T~-?h'''-'1 QUINLIV ~ APPRAISAl.. A PROFESSIONAL AsSOCIATION REAL ESTATE APpRAiS~RS & CONSULTANTS ~730 S.W. 74TH STREET, SUrrE 300 SOUTH MIAMI, FLORIDA 33143 MpJ !!: S (,GUS g~irc~;~~';;:::.~~L:,;,,,~;,~~~,J J. MARx QUINLIVAN, MAl STATB~CBRTlFIED GENBRAL APPRAISERS TELEPHONE (305) 663-6611 FAX (305) 665-4921 THOMAS F. MAOENHEIMER, MAl STATEaCBRTIPIBD GENERAL APPRAISERS HZ 0000553 HZ 0000112 March 3, 2005 Christopher J. Russo, City Manager City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 Dear Mr, Russo: In accordance with your request and authorization, I have prepared this Appraisal Report covering the following described property: Oceanfront land parcel containing 7.924 acres located at 16001 Collins Avenue, Sunny Isles Beach, Florida. The purpose of this Appraisal is.to estimate the Market Value of the described property as of February 24,2005, being one of the dates of personal inspection. The narrative Appraisal Report that follows sets forth the identification of the property, the assumptions and limiting conditions, pertinent facts about the area and the subject property, comparable data, the results of the investigations and analyses, and the reasoning leading to the conclusions set forth. - I I I I I I I I ~ I I I I I I I I , Christopher J. Russo, City Manager March 3, 2005 Page 2 Based on the inspection of the property and the investigation and analyses undertaken, I have fonned the opinion that, as of February 24,2005, the subject property had a Market Value of: ONE HUNDRED THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($103,500,000) y JMQ/jb (05-028) . ' BOOK 23691 PAGE 1060 LAST PAGE SUMMARY OF SALIENt FACTS AND CONCLUSIONS Type Appraisal Self-contained Type Report Complete Purpose of Appraisal Market Value Property Rights Appraised Fee Simple Location 16001 Collins Avenue Sunny Isles Beach, Florida Bri ef Legal Lots 80 thru 87 and a portion of Lot 88, T A TUMS OCEAN BEACH PARK, according to the Plat thereof recorded in Plat Book 5, at Page 35 ofthe Public Records of Miami-Dade County, Florida. Land Size 345,169 square feet or 7.924 acres Zoning MU-R, Mixed Use Resort District, by the City of Sunny Isles Beach Highest and Best Use Multi-family residential usage Estimated Land Value $103,500,000 Date of Value Estimate February 24,2005 Date ef Inspection February 19, 2005 and February 24, 2005 Date of Report March 3, 2005 Remarks The site fronts 900 feet along the Atlantic Ocean. QUINLIVAN APPRAISAL 3