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NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br /> CITY OF 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. I6-z-I ,the City Commission hereby <br /> authorizes the transfer of the development rights in the amount of Two Hundred Eighty Three <br /> Thousand Four Hundred Eighty Five(283,485) square feet of floor area and One Hundred Nineteen <br /> (119) dwelling units to La Playa Beach Associates, 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 La Playa Beach <br /> Associates, LLC. Inc., in accordance with Zoning Resolution No.Ig-2_15, <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 Two Hundred Eighty <br /> Three Thousand Four Hundred Eighty Five (283,485) square feet of floor area and One Hundred <br /> Twenty (120) dwelling units. <br /> Section 5. Authorizing Payment Agreement of the Transfer of Development Rights. The <br /> Applicant shall provide the City with a non-refundable deposit in the amount Three Million Five <br /> Hundred Forty Three Thousand Five Hundred Sixty Dollars ($3,543,560) which is 10% of the <br /> approved purchased price of Thirty Five Million Four Hundred Thirty Five Thousand Six Hundred <br /> Twenty Five Dollars ($35,435,625) within three (3) working days of the approval of this <br /> Resolution. The remainder of the payment is due prior to issuance of the building permit for the <br /> site plan approved in accordance with Zoning Resolution No.15 Z-15G <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 19 day of November, 2015. <br /> a <br /> George .'. Scholl, Mayor <br /> La Playa Beach Associates,LLC a/k/a Varadero-City TDR Bank Page 2 of 3 <br />