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RESOLUTION NO.2014 -2-Z'Z0 <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, REVISING THE EXTENSION <br />FEE FOR USEFUL LIFE OF TRANSFER OF DEVELOPMENT <br />RIGHTS ( "TDRS "); PROVIDING THE CITY MANAGER AND THE <br />CITY ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING <br />FOR AN EFFECTIVE DATE. <br />WHEREAS, by Ordinance No. 2009 -319, adopted April 16, 2009, the City <br />Commission permitted private TDRs to extend beyond the five (5) years of useful life; and <br />WHEREAS, the City Commission wishes to revise the fee for extension of the <br />useful life of the TDRs. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Fee for Extension. Any owner of privately owned transfer of development rights <br />( "TDRs ") acquired pursuant to Section 265 -23 of the City Code may request an extension to utilize <br />development rights beyond the five (5) years of useful life. The owner of said TDRs shall pay to the <br />City an annual fee in accordance with the following formula: <br />(1) The total amount of TDRs shall be multiplied by a base square foot price of <br />$65.00 and divided by the value per 1000 square feet of TDRs. This calculation <br />shall yield a price per 1000 square feet of TDRs. This price shall be multiplied by <br />the millage rate to yield the fee per year for the extension. The base square feet <br />and millage rate are subject to annual change. However, any change will not <br />lower the base square feet and millage rate from a minimum of $65 and 2.70. <br />Example: 100,000 sq. ft. privately owned <br />x 65 base sq. ft. price <br />6,500,000—.' 1000 value per thousand= 6500 <br />6500 x 2.70 = $17550 <br />(2) Fees can be paid on a quarterly basis. Failure to pay will result in the automatic <br />termination of development rights. <br />Section 3. Authorization of City Manager and City Attorney. The City Commission hereby <br />provides the City Manager and City Attorney with the authority to create guidelines to approve <br />extension requests administratively. The City Manager and the City are hereby authorized to do all <br />things necessary to effectuate this Resolution. <br />Revising policy for use of Development Rights <br />Page 1 of 2 <br />