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Summary Minutes: City Commission Meeting November 13,2003 City of Sunny Isles Beach,Florida <br /> Acceptance and Payment by the Applicant of$7,558,863.00 for the Transfer of 124,991 <br /> Square Feet and 57 Units of the City's Transferable Development Rights; Providing for <br /> an Adjustment of the Balance of Transferable Development Rights from the City's Bank <br /> to Reflect a Decrease of 124,991 Square Feet and 72 Units as Described in Exhibit 'A'; <br /> Providing for a Repealer; Providing for an Effective Date. <br /> Action:City Clerk Hines read the title and Planning and Zoning Administrator Jorge Vera <br /> reported. <br /> Public Speakers: Judith Burke, Esq.; Henry Kay; Bud Scholl; Mary Ann Eicke; Bard <br /> Brenner <br /> Judith Burke, Esq., noted that the only issue before the Commission is accepting the <br /> appraised value of the property. She said that they submitted their appraisal on the <br /> property in June with their application and their appraiser appraised the land at <br /> $22,500,000.00, and shortly before this hearing, the City's appraiser looked at the <br /> appraisal and said it should be$25,500,000.00. City Manager Russo said that the City's <br /> appraiser looked at the information,researched the sale of this property,and found that the <br /> $25,500,000.00 was the purchase price. <br /> Commissioner Thaler said he felt that the TDRs given in this case were excessive and that <br /> 20% of the total TDRs that this City has to give out, goes to one project and he doesn't <br /> feel that it should have occurred. Commissioner Iglesias said that no developer has asked <br /> for a TDR that is not in the Ordinance,and the Commission can say yea or nay,the people <br /> asking for a TDR are within their rights, and right now are transferring the TDR to the <br /> most valuable property in the City. He said that the City and its taxpayers,cannot benefit <br /> more as of today than on this property. He noted that the TDRs are valued based at today's <br /> market value. <br /> Mayor Edelcup pointed out that the$7,558,863.00 will go into Capital Improvements only <br /> and will not be used for City operating expenses. <br /> Mayor Edelcup called for a vote to approve the proposal on first reading. The motion <br /> was approved by a roll call vote of 5-0 in favor. Second reading,public hearing will <br /> be held on Thursday, December 4, 2003, at 7:00 p.m. <br /> Vote: Commissioner Brezin yes <br /> Commissioner Iglesias yes <br /> Commissioner Thaler yes <br /> Vice Mayor Goodman yes <br /> Mayor Edelcup yes <br /> 3 <br />