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RESOLUTION NO. 2014- Z2,U3 <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE <br />ASSIGNMENT OF TRANSFER OF DEVELOPMENT RIGHTS <br />( "TDRS ") IN THE AMOUNT OF 7,213 SQUARE FEET OF FLOOR <br />AREA AND 3 DWELLING UNITS OWNED TO PMG -S2 SUNNY <br />ISLES, LLC; DIRECTING THE ZONING ADMINISTRATOR TO <br />CREATE A TDR SUB - ACCOUNT IN THE AMOUNT OF 79213 <br />SQUARE FEET OF FLOOR AREA AND 3 DWELLING UNITS IN <br />THE NAME OF PMG -S2 SUNNY ISLES, LLC; PROVIDING THE <br />CITY MANAGER AND THE CITY ATTORNEY WITH THE <br />AUTHORITY TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br />EFFECTIVE DATE. <br />WHEREAS, by Zoning Resolution No. 12 -Z -132, adopted on November 15, 2012, and <br />Resolutions No. 2012 -1989, adopted on November 15, 2012 the City Commission approved the <br />zoning application submitted by Palermo Beach, LLC For the project called Unique and for the <br />transfer and assignment of TDRs in the amount of 51,287 square feet of floor area and 27 dwelling <br />units; and <br />WHEREAS, by Resolution No. 2012 -1989, the City Commission authorized the Zoning <br />Administrator to create a Private TDR sub -bank account in favor of Palermo Beach, LLC <br />( "Assignor') in the amount of 7,213 square feet of floor area and 3 dwelling units; and <br />WHEREAS, Assignor has assigned the development rights in the Private TDR sub -bank <br />account to PMG -S2 Sunny Isles, LLC. ( "Assignee") and the Assignee is seeking confirmation of <br />the assignment of the TDRs from the City; and <br />WHEREAS, the City Commission wishes to approve the assignment of the Private TDRs <br />to the Assignee and to create a Private TDR sub - account in favor of Assignee in the amount of <br />7,213 square feet of floor area and 3 dwelling units. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Incorporation of Recitals. The foregoing recitals are true and correct and are <br />incorporated herein by reference as if they are fully set forth herein. <br />Section 2. Authorizing the Transfer of Development Rights. The City Commission hereby <br />authorizes the assignment of transfer of development rights ( "TDRs ") to a Private TDR sub - <br />account in favor of PMG -S2 Sunny Isles, LLC in the amount of 7,213 square feet of floor area and <br />3 dwelling units. <br />Page 1 of 2 <br />