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RESOLUTION NO. 2014 - 216 1_ <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA; APPROVING THE ASSIGNMENT <br />OF 76,232 SQUARE FEET AND 39 DWELLING UNITS OF TRANSFER <br />OF DEVELOPMENT RIGHTS ( "TDRs ") FROM ABUS, LLC ("ABUS") <br />A /K/A CHATEAU DEVELOPMENT GROUP, LLC TO SUNNY ISLES <br />PROPERTY VENTURE LLC ( "VENTURE "); PROVIDING FOR <br />INSTRUCTIONS TO THE CITY'S ZONING ADMINISTRATOR; <br />PROVIDING THE CITY MANAGER AND THE CITY ATTORNEY <br />WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE <br />DATE. <br />WHEREAS, Abus, LLC ( "Abus ") also known as (a/k/a) Chateau Development Group, <br />LLC currently owns 76,232 square feet of TDRs and thirty -nine (39) units in a TDR bank <br />established by the City of Sunny Isles Beach ( "City "); and <br />WHEREAS, the TDRs owned by Abus is encumbered by an agreement to pay the City <br />the total sum of $1,484,940.00 for the removal of a use restriction imposed on the TDRS in <br />question and the remaining balance under the agreement is $500,000.00 as reflected in the <br />attached Exhibit "A "; and <br />WHEREAS, on or about January 2, 2014, Abus entered into an assignment of transfer of <br />development rights with Sunny Isles Property Venture LLC (`Venture ") wherein Abus assigned <br />and transferred 76,232 square feet of TDRs and thirty -nine (39) units to Venture as assignee; <br />and <br />WHEREAS, the City has reviewed the assignment agreement between Abus and <br />Venture and has no objection to the assignment of 76,232 square feet of TDRs and thirty -nine <br />(39) units to Venture provided that payment of $500,000.00 is made to the City; and <br />WHEREAS, the City Commission wishes to approve the assignment provided that a <br />payment of $500,000.00 is made to the City within three (3) business days of approval of this <br />Resolution. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Approval of Assignment. The City Commission hereby approves the assignment <br />of 76,232 square feet of TDRs and thirty nine (39) units from Abus, LLC, a /k/a Chateau <br />Development Group, LLC assignor, to Sunny Isles Property Venture LLC, assignee, provided <br />that $500,000.00 payment is made by Abus, LLC to the City within three (3) business days of <br />approval of this Resolution. If payment is not received by the City during this period, the <br />assignment is declared null and void. <br />Paee I of'2 <br />