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WHEREAS, the City Commission wishes to approve the transfer of the TDRs <br /> contemplated herein in accordance with its TDRs ordinance. <br /> NOW <br /> y7 THEREIN ORE, BE7[IpT�RESOLVED BY THE CITY COMMISSION OF THE <br /> CITY O%' SUNNY ISLES BEACH,FLORIDA, AS FOLLOWS: <br /> Section 1. Incorporation of Recitals. The foregoing recitals are true and correct and are <br /> incorporated herein by reference as if they are fully set forth herein. <br /> Section 2. Authorizing the Transfer of Development Rights. Pursuant to Section 265-23 of the <br /> City Code and in accordance with Zoning Resolution No.l?, -1/1(6 the City Commission hereby <br /> authorizes the transfer of the development rights in the amount of Forty Nine Thousand Eighteen <br /> (49,018) square feet of floor area and Ten (10) dwelling units to Sunny Isles Property Venture, <br /> LLC. from the City's TDR bank account. <br /> Section 3. Directive to Zoning Administrator. The Zoning Administrator or designee is hereby <br /> directed to transfer the development rights from the City's TDR Bank to Sunny Isles Property <br /> Venture, LLC. in accordance with Zoning Resolution No. le4 2°, - 4 <br /> Section 4. Authorizing the Adjustment and Modification of TDRs. The Zoning Administrator <br /> is hereby authorize to adjust by decreasing the City's TDR bank account by Forty Nine Thousand <br /> Eighteen (49,018) square feet of floor area and Twenty Three (23) dwelling units. <br /> Section 5. Payment Agreement for the Transfer of Development Rights. The Applicant shall <br /> provide the City with a non-refundable deposit in the amount Six Hundred Twelve Thousand Seven <br /> Hundred Twenty Five Dollars ($612,725) which is 10% of the approved purchased price of Six <br /> Million One Hundred Twenty Seven Thousand Two Hundred Fifty Dollars ($6,127,250) within <br /> three (3) working days of the approval of this Resolution. The remainder of the payment is due <br /> prior to issuance of the building permit for the site plan approved in accordance with Zoning <br /> Resolution No. 11 q-7.- qtr. <br /> Section 6. Authority of the City Manager and City Attorney. The City Manager and City <br /> Attorney are hereby authorized to do all things necessary to effectuate this Resolution. <br /> Section 7. Effective Date. This Resolution shall become effective upon adoption. <br /> PASSED AND ADOPTED this 16th day of October, 2014. <br /> '-/-1:°)--- /2- / / ./ / /7 i r ;1fi j l e,..'' <br /> Norman S. Edelcup; Mayor m <br /> f <br /> Sunny Isles Property Venture-City TDR Bank Page 2 of 3 <br />