HomeMy WebLinkAboutReso 2011-1831
RESOLUTION NO. 2011-lI2..31
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE
TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") IN THE
AMOUNT OF TWENTY FIVE THOUSAND (25,000) SQUARE
FEET OF FLOOR AREA AND NINE UNITS (9) TO LPLA
PARTNERS, LP FOR THE PROPERTY LOCATED AT 17749
COLLINS A VENUE 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 t1''Z-/~if, AUTHORIZING THE ADJUSTMENT
AND MODIFICATION OF THE CITY'S TDR BANK; 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. H-Z-IAl/ adopted December 22, 2011, the City
Commission approved the zoning application submitted by LPLA Partners, LP., ("Applicant")
for the transfer of TDRs in the amount of 25,000 square feet of floor area and 9 dwelling units;
and
WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale ofTDRs to
the Applicant to reflect the reduction of twenty five thousand (25,000) square feet of floor area
and nine(9) dwelling units; and
WHEREAS, pursuant to Section 265-23D 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
Twenty Four Million Five Hundred Thousand Dollars ($24,500,000) for the receiving site for the
purpose of calculating the square foot value of the approved TDRs; and
WHEREAS, the Applicant is required to pay a per square foot price of $65 as reflected in
the appraisal attached hereto as Exhibit "A"; and
WHEREAS, the City Commission agrees to accept One Million
Six Hundred Twenty Five Thousand Dollars ($1,625,000) by the Applicant for the transfer of
twenty five thousand (25,000) square feet of floor area and nine (9) dwelling units; and
WHEREAS, the property receiving the TDRS is described as follows:
Parcel 1. Portion of Govt. Lot 6 Tatum's Ocean Park Subdivision (PB 10-64) N 100 ft. of Tract 4 East
of State Route AlA and S 100 ft. of Tract A (PB 35-51)
WHEREAS, the City Commission agrees to authorize the transfer of the TDRs
contemplated herein in accordance with its transfer of development rights ordinance.
LPLA Partners, LP. TDR Bank
Page 1 of3
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION 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 No. 11-2-1'2.~ the City Commission
hereby authorizes the transfer of the development rights in the amount of 25,000 square feet of
floor area and 9 dwelling units to LPLA Partners, LP. from the City's TDR account.
Section 3. Directive to Zoning Administrator. The City's Zoning Administrator or designee is
hereby directed to transfer the development rights from TDR Bank to LPLA Partners, LP., in
accordance with Zoning Resolution No. 11-2-1 ~c.J
Section 4. Authorizing Payment Agreement of the Transfer of Development Rights. The
Applicant shall provide the City with a non-refundable deposit in the amount $162,500 which is
the 10% of the approved purchased price of $1,625,000 within three (3) working days of the
approval of the Transfer Development Rights (TDRs) application. 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. ll-'2.-1'A4
Section 5. Authority of the City Manager. The City Manager is hereby authorized to do all
things necessary to effectuate this Resolution.
Section 6.
Effective Date. This Resolution shall become effective upon adoption.
PASSED AND ADOPTED this 22nd day of December, 2011.
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: ATTEST:
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,. ,,'.' ':!: .
,....., .. ." .
":.~.,Jane'A. Hines, CitY, Clerk
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. APPROVE)) AS TO FORM
AND :GAJ FFICIENCY:
LPLA Partners, LP. TDR Bank
Page 20f3
Vote: s- 0
Mayor Ede1cup
Vice Mayor Thaler
Commissioner Aelion
Commissioner Gatto
Commissioner Scholl
LPLA Partners, LP. TDR Bank
Page 3 of3
Moved by: -114 ~ -r11M..\O~
Seconded by: -Cv)V.~ AcC.J.-\ biU
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V (Yes)
V (Yes)
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_(No)
_(No)
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EXHIBIT "A"
EXECUTIVE SUMMARY
Property Type:
A multi-family zoned parcel of land
Report Type:
Summary
Intended Use:
The intended use of this appraisal is to help negotiate the purchase
price of Transfer Development Rights (TDR's).
Intended User:
LPLA Partners, LP, its general council and/or assigns~
Location:
17749 Collins Avenue,
Sunny Isles Beach, Florida 33160
Site Description:
Site Size:
99,099 square feet or 2.275 acres
MU-R, a mixed use resort district by the City of
Sunny Isles Beach, Florida.
Zoning:
Flood Zone:
X, AE, VE (See Addenda)
1.15
Census Tract:
Current Use:
Vacant land
Proposed Use:
48-story condominium tower with 83
residential units. The proposed project, to be
known as Mansions at Acqualina, is anticipated
to have an FAR of 4.3.
Highest & Best Use:
Future multi-family development in accordance with the current
zoning code and LDR of Sunny Isles Beach, Florida.
Date of Value:
December 9,2011
Date of Report:
December 12, 2011
Marketing/Exposure Time: Within 12 months.
Property Rights Appraised: Fee Simple Estate
VALUE INDICATIONS:
Sales Comparison Approach:
Final Per SF of Allowable FAR
$24,500,000
$65.00