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g t PLO <br />c,rr of suth <br />TO: <br />VIA: <br />FROM: <br />DATE: <br />RE: <br />RECOMMENDATION: <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947-0606 City Hall <br />(305)949-3113 Fax <br />MEMORANDUM <br />Honorable Mayor and City Commissioners <br />Stan Morris, City Manager <br />Amy Canales, Planning and Zoning Director <br />June 15, 2023 <br />TDRs Purchase for Balcony Enclosure at 17749 Collins Avenue, Unit 2401 <br />2402 (Application No. PZ2023-09) <br />Staff has compiled the relevant facts of the requested purchase and assignment of TDRs anc <br />recommends the application be presented to City Commission for consideration. <br />REASONS: <br />The Applicant is requesting approval for the purchase and assignment of TDRs in the amount of 78� <br />square feet of FAR and 0 dwelling units from the City's public TDR bank account. The appraisal repor <br />done by Appraisal First Real Estate Appraisers, LLC., date stamped May 9,2023, reflects the square foot <br />market value of the subject property (17749 Collins Ave) as $125.00 per square feet. The Applicant has <br />agreed to pay the square foot value of $125.00. Thus, the total TDR purchase is $98,625.00. The tota <br />amount of the approved purchase price of $98,625.00 for the TDRs is due within ten (10) working days <br />of approval. The effect of the TDRs purchase and approval on the project would be an increase it <br />intensity (square footage). <br />ATTACHMENTS: <br />Resolution <br />TDR Application <br />Appraisal Report <br />Item Number: 10.13 <br />207 <br />