Reso 2014-2275 - Laserfiche WebLink

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WHEREAS. the City Commission agrees to accept Fourteen Million One Hundred Forty Vine Thousand Eight Hundred Seventy Five Dollars ($14;149,875.00) from the Applicant for the payment of TDRS in the amount of One Hundred Thirteen Thousand One Hundred Ninety Nine (113,199) square feet of floor area and Fom Six (46) dwelling units: and WHEREAS. the property receiving the TDRS is located at 18501 Collins Avenue. Sunny Isles Beach and is legally described in Zoning Application No. PZ2014 -08; and WHEREAS, the City Commission wishes to approve the transfer of the TDRS contemplated herein in accordance with its TDRS ordinance. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section L Incorporation of Recitals. The foregoing recitals are true and correct and are incorporated herein by reference as if they are fully set forth herein. Section 2. Authorizing the Transfer of Development Riehts. Pursuant to Section 265 -23 of the City Code and in accordance with ZoninQ Resolution No.14.1.141 the City Commission hereby authorizes the transfer of the development rights in the amount of One Hundred Thirty Seven Eight Hundred Thirty Three (137,833) square feet of floor area and Fifty Five (55) dwelling units to Beach Acquisition. LLC. from the City's TDR bank account. The City Commission hereby approves a conditional credit of Twenty Four Thousand Six Hundred Thirty Four (24.634) square feet of floor area and Nine (9) dwelling units for donating and transferring of legal title to the City of Sunny Isles Beach for the Parking Lot Land. If Applicant fails to transfer legal title of the Parking Lot Land to the City. the Applicant shall be required to pay for the conditional credit TDRs based on a $125 per square foot price. Section 3. Directive to Zoning Administrator. The Zoning Administrator or designee is hereby directed to transfer the development rights from the City's TDR Bank to Beach Acquisition, LLC. Inc., in accordance with Zoning Resolution No. 14.1.143 Section 4. Authorizing the Adjustment and Modification of TDRS. The Zoning Administrator is hereby authorize to adjust by decreasing the City's TDR bank account by One Hundred Thirty Seven Eight Hundred Thirty Three (137;833) square feet of floor area and Fifty Five (55) dwelling units subject to the conditional credit of 24, 634 square feet of floor area and 9 dwelling units with the conditional credit. If conditional credit is provided, the adjustment to the City's yTDR bank account shall be 1 13.199 square feet of floor area and 46 dwelling units. Section 5. Authorizing Payment Agreement of the Transfer of Development Riehts. The Applicant shall provide the City with a non - refundable deposit in the amount One Million Four Hundred Fourteen Thousand Nine Hundred Eighty Eight Dollars (S 1.414,988.00) which is 10% of the approved purchased price of Fourteen Million Three Hundred Thousand One Hundred Twenty Five Dollars IS 14.149.875) within three (3) working days of the approval of this Resolution. The remainder of the payment is due prior to issuance of the building permit for the site plan approved in accordance with Zoning Resolution No. 14.7.143 Notwithstanding the foregoing. the City Attorney or his designee shall have the authority to use the non - refundable deposit herein and other Beach Acquisition LLC a /k /a Turnberry Inc. TDR Bank Page 2 of 3