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RESOLUTION NO. 2014 -Z2 -75 <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE <br />TRANSFER OF DEVELOPMENT RIGHTS ( "TDRS ") IN THE <br />AMOUNT OF ONE HUNDRED THIRTY SEVEN THOUSAND <br />EIGHT HUNDRED THIRTY THREE (137,833) SQUARE FEET OF <br />FLOOR AREA ( "FAR ") AND FIFTY FIVE DWELLING UNITS (55) <br />TO BEACH ACQUISITION, LLC. FOR THE PROPERTY <br />LOCATED AT 18501 COLLINS AVENUE FROM THE CITY'S TDR <br />BANK ACCOUNT; PROVIDING FOR A CONDITIONAL CREDIT <br />IN THE AMOUNT OF TWENTY FOUR THOUSAND SIX <br />HUNDRED THIRTY FOUR (24,634) AND NINE (9) DWELLING <br />UNIT; DIRECTING THE ZONING ADMINISTRATOR OR <br />DESIGNEE TO TRANSFER THE TDRS FROM THE CITY'S BANK <br />ACCOUNT IN ACCORDANCE WITH ZONING RESOLUTION NO. <br />14-7-143; AUTHORIZING FOR THE ADJUSTMENT AND <br />MODIFICATION OF THE CITY'S TDR BANK; PROVIDING THE <br />CITY MANAGER AND 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.14•Z• le adopted July 31. 2014. the City <br />Commission approved the zoning application submitted by Beach Acquisition. LLC.. <br />( "Applicants') for the transfer of TDRS in the amount of One Hundred Thirty Seven Eight Hundred <br />Thirty Three (13)7,833) square feet of floor area and Fifty Five (66) dwelling units: and <br />WHEREAS, pursuant to Section 266 -23E of the Code of the City of Sunny Isles Beach. <br />the City Commission shall consider the acceptance of the appraised land value in the amount of <br />Fifty Seven Million Dollars ($67,000;000) for the receiving site for the purpose of calculating the <br />square foot value of the approved TDRS: and <br />WHEREAS; the Applicant has agreed to donate to the City the land located on 1861' Street <br />and Atlantic Avenue ( "Parking Lot Land ") for a conditional credit of TDRS in the amount of <br />Twenty Four Thousand Six Hundred Thirty Four (24,634) square feet of floor area and Nine (9) <br />dwelling units in accordance with the site plan approved under Zoning Resolution No.14• Z' 143 ; <br />and <br />WHEREAS, subject to conditional credit of TDRS; the City's TDR Bank balance will be <br />adjusted to reflect the sale of TDRS to the Applicant in the amount of One Hundred Thirteen <br />Thousand One Hundred Ninety Nine (113,199) square feet of floor area and Fifty Five (46) <br />dwelling units: and <br />WHEREAS, the Applicant is required to pay a per square foot price of One Hundred <br />Twenty Five Dollars (5126.00) as set forth in the appraisal attached as Exhibit "A ": and <br />Beach Acquisition LLC a /k /a Turnbern Inc TDR Bank Page 1 of 3 <br />