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FLo <br />C,Tk of <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 />TO: Honorable Mayor and City Commissioners <br />VIA: Stan Morris, City Manager <br />FROM: Amy Canales, Planning and Zoning Director <br />DATE: November 16, 2023 <br />RE: Transferable Development Rights (TDRs) Bank Account Annual Updat, <br />(2023) <br />RECOMMENDATION: <br />Staff recommends approval of this Resolution. <br />REASONS: <br />The City Commission wishes to confirm the amount of development rights that are currently owned by <br />the City and private owners under the Transferable Development Rights (TDRs) program. Thf <br />document attached to the Resolution as Exhibit A delineates the amount of development rights that <br />are in each TDR bank account. <br />Table 1 outlines the City -owned sender sites that have been created since adoption of the TDR <br />ordinance. These are the properties owned by the City that have had the development rights severed <br />and may be transferred to eligible receiver sites. To date, the City has deposited 2,370,282 square feet <br />of floor area and 1,187 dwelling units into the TDR bank as available for transfer. <br />Table 2 shows the amount of City -owned TDRs that have been transferred to private parties. The tota <br />amount of TDRs transferred to date is1,907,505 square feet of floor area and 947 dwelling units. <br />There is a current balance of 462,777 square feet and 240 dwelling units available for transfer. Since <br />the last TDR Annual Update, there have been five (5) transfers. All were for balcony enclosures at the <br />Item Number: 10.1) <br />