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RESOLUTION NO. 2014- 233q <br />A RESOLUTION OF THE CITY CO?V[MISSION OF THE CITY OF <br />SUN'N'Y ISLES BEACH, FLORIDA, AUTHORIZING THE <br />TRANSFER OF DEVELOPMENT RIGHTS ( "TDRs ") IN THE <br />AMOUNT OF THIRTEEN THOUSAND SEVEN HUNDRED SIXTY <br />SIX (13,766) SQUARE FEET OF FLOOR AREA ("FAR ") AND <br />ZERO (0) DR'ELLING UNITS TO 17700 COLLINS AVENUE <br />OWNER, LLC. FOR THE PROPERTY LOCATED AT 17700 <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 />IN ACCORDANCE WITH ZONING RESOLUTION NO. <br />I - -1 ; AUTHORIZING FOR THE ADJUSTMENT AND <br />MODIFICATION OF THE CITY'S TDR BANE; 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 />WHEREAS, by Zoning Resolution No.1ti � adopted on November 20`h, 2014 the City <br />Commission approved the zoning application submitted by 17700 Collins Avenue Owner, LLC <br />( "Applicant') for the transfer of TDRs in the amount of 13,766 square feet of floor area and 0 <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 />Four Million One Hundred Fifty Thousand Dollars (S4,150,000) for the receiving site for the <br />purpose of calculating the square foot value of the approved TDRs; and <br />WHEREAS, the Citv's TDR Bank balance will be adjusted to reflect the sale of TDRs to <br />the Applicant in the amount of Thirteen Thousand Seven Hundred Sixty Six (13,766) square feet <br />of floor area and Eight (8) dwelling units: and <br />WHEREAS, the Applicant is required to pay a per square foot price of Forty Three Dollars <br />(S43.00) as set forth in the appraisal attached as Exhibit "A'; and <br />WHEREAS, the City Commission agrees to accept Five Hundred Ninety One Thousand <br />Nine Hundred Thirty Eight Dollars (S591938.00) from the Applicant for the payment of TDRs in <br />the amount of Thirteen Thousand Seven Hundred Sixty Six (13,766) square feet of floor area and <br />Zero (0) dwelling units; and <br />WHEREAS, the receiving site for the TDRs is located at 17700 Collins Avenue._ Sunnv <br />Isles Beach and is legally described in Zoning Application No. PZ2014 -14; and <br />17700 Collins Avenue Owner, LLC - Cirr TDR Bank Page I of 3 <br />