Reso 2022-3381 - Laserfiche WebLink

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Sunny Isles Living LP Page Two The subject unit, which is unit 602, contains 4,609 square feet, and three bedroom, six and one half bathroom floor plan. The unit owner is planning to enclose an approximate 313 square foot terrace. In order to increase the square footage of the subject unit the owner will be required to purchase TDR's from the TDR bank of Sunny Isles Beach. This report may not be fully understood by users other than the property owner, their representatives and the appropriate officials with the City of Sunny Isles Beach. As per the LDR, at the time of approval of the TDR's, the City Commission shall consider the acceptance of the appraised land value for the receiving site as follows: the cost for a square foot of development right shall be determined by the market value of the receiving site as determined by a current real estate appraisal (updated no more than three months from the date the application is heard at a public hearing) prepared for the City by an appraiser, selected by the City Manager, but paid for by the owner of the receiving site. The appraisal amount shall then be divided by the permitted floor area ratio, including bonuses on the receiver site. Zoning and Legal Officials with the City of Sunny Isles Beach established parameters with regard to the selection of comparable sales. These parameters preclude the Appraiser from going outside the City limits to search for comparable land sales. Because of the parameters and restrictions enforced by City officials toward the appraisal process the conclusion should not, and has not been, considered market value as typically defined. The conclusion is the most probable price paid by a developer for TDR's in Greater Sunny Isles Beach and not a market supported value. Because the intended use of the appraisal is for internal purposes, related to establishing a purchase price for the TDR's, the report may not be in conformance with Title XI of FIRREA and Department of the Treasury Interagency Appraisal and Evaluation Guidelines. The appraiser has previously provided consultation and value estimates for properties similar to the subject property throughout the South Florida region. As such, the appraiser is in compliance with the competency provision contained within USPAP. A copy of the appraiser's qualifications is included in the addenda.