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PAW Hig:OWE NU!PO itlib9 ii91311.11.1i <br /> MAO firs BiAR Wag Mill ROE sds td <br /> RECORDED o1/21/2111 <br /> HARVEY RUM4 CLERK OF COURT <br /> RESOLUTION NO. 2014- 2,3,Z <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 FORTY NINE THOUSAND EIGHTEEN (49,018) <br /> SQUARE FEET OF FLOOR AREA ("FAR") AND TEN (10) <br /> DWELLING UNITS TO SUNNY ISLES PROPERTY VENTURE, <br /> LLC. FOR THE PROPERTY LOCATED AT 15701 AND 15795 <br /> COLLINS AVENUE FROM THE CITY'S TDR BANK ACCOUNT; <br /> DIRECTING THE ZONING ADMINISTRATOR OR DESIGNEE <br /> TO TRANSFER THE TDRs FROM THE CITY'S BANK ACCOUNT <br /> Ili ACCORDANCE WITH ZONING RESOLUTION NO. <br /> ._z— r 41 ; AUTHORIZING FOR THE ADJUSTMENT AND <br /> MODIFICATION OF THE CITY'S TDR l ANK; 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 /> I <br /> WHEREAS, by Zoning Resolution No. €x, .,.1444 dopted on October 16, 2014 the City <br /> Commission approved the zoning application submitted by Sunny Isles Property Venture, LLC <br /> ("Applicant") for the transfer of TDRs in the amount of 132,463 square feet of floor area and 52 <br /> dwelling units; and <br /> WHEREAS, pursuant to Section 265-23E 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 Five Million Dollars ($55,000,000) for the receiving site for the purpose of calculating the <br /> square foot value of the approved TDRs; and <br /> WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale of TDRs to <br /> the Applicant in the amount of Forty Nine Thousand Eighteen (49,018) square feet of floor area <br /> and Twenty Six (23) dwelling units; and <br /> WHEREAS, the Applicant is required to pay a per square foot price of One Hundred <br /> Twenty Five Dollars ($125.00) as set forth in the appraisal attached as Exhibit"A"; and <br /> WHEREAS, the City Commission agrees to accept Six Million One Hundred Twenty <br /> Seven Thousand Two Hundred Fifty Dollars ($6,127,250.00) from the Applicant for the payment <br /> of TDRs in the amount of Forty Nine Thousand Eighteen (49,018) square feet of floor area and <br /> Twenty Three (23) dwelling units; and <br /> WHEREAS, the receiving site for the TDRs is located at 15701 and 15795 Collins <br /> Avenue, Sunny Isles Beach and is legally described in Zoning Application No. PZ2014-11; and <br /> Sunny Isles Property Venture-City TDR Bank Page 1 of 3 <br />