HomeMy WebLinkAboutReso 2016-2627 RESOLUTION NO. 2016- 7. 02‘,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 THE TDR 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 3. Effective Date. This Resolution shall beco - e 'z ctive upon adoption.
PASSED AND ADOPTED this 17`t' day of Nov•mber 21 6.
Georg- H. Scholl, Mayor
ATTEST:
Jane A. 'nes, MMC, City Clerk 3
APPROVED • . 0 FORM
AND LEGA 4- :. CIENCY
iliL;rs i, °y Att•4 ey
Moved by: W
4.1..10
Seconded by: \lu- m01�.•(OY GfFr I TO
J
Vote: S-0
Mayor Scholl ((Yes) (No)
Vice Mayor Gatto (Yes) (No)
Commissioner Aelion V (Yes) (No)
Commissioner Goldman t/( Yes) (No)
Commissioner Levin l/ (Yes) (No)
CITY OF SUNNY ISLES BEACH
TRANSFER DEVELOPMENT RIGHT- BANK ACCOUNT
DEVELOPMENT RIGHTS FROM CITY OWNED PROPERTIES
PROPERTIES Sq. Ft. Units
1. Golden Shores Park 11,512 2
•
2. Pelican Community Park 166,240 100
3. Gwen Margolis Park 248,292 143
4. Gilbert Samson Oceanfront Park 162,914 94
5. Porto Bellagio 131,611 72
6. Heritage Park 533,200 283
7. Bella Vista Park 54,232 21
8. Collins Ave. Parkway 11,568 6
9. 287 SlBlvd 53,905 11
10. 151 SIBlvd (RK) 223,879 95
11. 16200 Collins Ave. (Plaza Isles) 89,951 50
12. 16100 Collins Ave. (Koslosky) 86,095 47
13. SIBlvd Parking(Milton) 53,905 12
14. Steiger Property- 16050 Collins 74,530 41
15. Marks,et al 215-255 SIB 223,879 95
16. TRG Sunny Isles(16000 Collins Ave) 77,250 38
17. Dezer Sales Center(15800 Collins Ave) 80,000 38
18. Corner House 62,685 30
19. Turnberry Sales Center 24,634 9
Total TDRs from City Owned Properties since 2,370,282 1,187
Adoption of TDR Ordinance
Last update on November 2016 Page 1 of 4
Sq. Ft. Units
Total TDRs from City Owned Properties since Adoption of TDR Ordinance 2,370,282 1,187
Development Rights Used Ur Transterred To Private Used Sq. Ft. Used Units
Development From City TDR Bank
•
1. Fortune Beach 124,991 72
2. S&G Miami Beach 31,266 18 I
3. Mandalay LLC 36,477 21
4. St.Tropez 112,905 65
5. Trg Sunny Isles 177,262 103
6. Mafisianal-Se14**** 63428 37-
7.
77. Regalia 54,385 31
8. St.Tropez II 32,759 17
9. TRG Desert Inn Venture 9,757 5
10. R.K.Associates(Donation)* 58,500 30
11. Plaza Isles(Donation)* 40,000 20
12. Urbis&Key Int. 1,869 1 f
13. Milton/St.Tropez(Donation)* 29,403 12
14. * 0 0
15. Gilco Realty/Porsche(Donation)** 81,000 42
16. 18555 Collins Bev.,LLC*** 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'Nai Zion,Inc. 15,000 5
22 Beach Acquisition,LLC(*****) 113,199 46
23 GSF Acquisitions. LLC(Palazzo) 15,797 7
24 Ritz Carlton 49,098 23
25 Marriott(******) 9,671 6
26 Armani Casa 133,750 63
27 Varadero 283,485 120 !i
28 18590 Collins Ave Acquisition 75,000 35
City's TDR Bank Account Total: 2,370,282 1,187
Subtract Subtotal: 1,689,074 843
TDR BALANCE TOTAL: 681,208 344
*Property was acquire back to City-Alamo property
**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 ft and 5 units).
******TDRs were reduced-approved under R2016-2536(4,095 sq ft and 2 units).
ACCOUNTS TDR FUNDS COLLECTED TDR FUNDS UNCOLLECTED
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. Regalia $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 II $116,261.00 ** $0.00
14. LPLA Partner, LLP $1,625,000.00 $0.00
15. 18555 Collins Dcv.,LLC $0.00 ****** $0.00
16. Fort Apache $517,275.00 *** - i
$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) $1,893,870.00 *** $0.00
20. Beach Acquisitions,LLC(Turnberry) $1,414,988.00 $12,737,887.00
21. GSF Acquisitions.LLC(Palazzo) $197,463.00 $1,777,162.00
22. Ritz Carlton $6,127,250.00 $0.00
23. Marriott $415,853.00 $0.00
24. Varadero $3,543,560.00 $31;892,065.00
Uncollected
TOTALS: Collected Funds $54,233,980.25 Funds $46,407,114.00
* These developments paid 10%of non-refundable deposit,but development orders expired. TDR's were returned to the City.
*a 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. Beach Acquisitions,LLC(Turnberry) 113,199 46 $12,737,887.00
2. GSF Acquisitions.LLC(Palazzo) 15,797 7 $1,777,162.00
3. Varadero 283,485 120 $31,892,065.00
412,481 173 $46,407,114.00
Total Credit to TDR Bank Total Uncollected Funds
Total TDRs Funds Collected $54,233,980.25
TDR Funds Uncollected $46,407,114.00
Total TDRs Funds $100,641,094.25
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S,)'`uY 'S`E City of Sunny Isles Beach
dk7ti 18070 Collins Avenue
"(( ` } Z Sunny Isles Beach, Florida 33160
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iP s LQp1* '(' (305)947-0606 City Hall
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(.' "0c 5..,t, "} (305)949-3113 Fax
MEMORANDUM
TO: The Honorable Mayor and City Commission
VIA: Christopher J. Russo, City Manager
FROM: Claudia Hasbun, Planning and Zoning Director
DATE: 11/17/2016
City of Sunny Isles Beach Transfer of Development Bank
RE: 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 2,370,282 square feet
and 1,187 dwelling units from all the properties that the City has
acquired. The changes from FY15/16 is that the property located at
18590 Collins Ave, also known as the Corner House, is now part of the
TDRs program. This property yield the amount of 62,685 square feet of
floor area ratio (FAR) and 30 dwelling units. The next acquisition was
the Turnberry Sales Center located at 210 185 St, this property yield
24,634 sq. ft. and 9 dwelling units.
Page two shows the amount of TDRs the City has transferred to private
parties. The total amount of TDRs transferred is 1,689,074 square feet
277
and 843 units. There is a current balance in the City's TDRs account of
681,208 square feet and 344 units as of the date of this memorandum.
The change from last fiscal year is a reduction of 257,437 square feet
and 110 units. This is the result of the Playa de Varadero site plan
approval and the acquisition of the Corner House property. In addition,
the Marriott Residence Inn project requested a reduction of the
approved TDRs.
Page three of the attachment shows the funds collected by the City
from the sale of TDRs to development projects. Over the years, the
City has collected $54,233,980.25 from the sale of development rights.
There is another $46,407,114.00 that the City expects to collect in the /
near future. Last fiscal year, TDRs payment were received from La
Playa Varadero, The Ritz Carlton, and the Marriott Residence Inn
projects.
Finally, page four delineates the accounts that show the amount of
development rights owned by private owners. The accounts total
amount to 151,159 square feet and 69 units. There is a change of
99,634 square feet and 44 units; this is the result of a new sub-account
created in favor of Corner House in the amount of 75,000 sq. ft. and 35
units (TDRs are restricted to La Playa Varadero Project); and the new
sub-account in favor of Beach Acquisition a/k/a Turnberry Ocean Colony
in the amount of 24,634 sq. ft. and 9 units (Account created for
acquisition of the Tumberry Sales Center lot).
ATTACHMENTS:
Description
Resolution
TDR Annual Update
Item Number: 10.G.
278