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<br />Section 1. Recitals. The foregoing recitals are true and correct and are incorporated herein <br />by reference as ifthey fully set forth herein. <br /> <br />Section 2. Approval of Appraised Land Value. The City Commission hereby approves the <br />appraised land value of nine million seven hundred eight-five thousand dollars ($9,785,000.00) <br />("Appraised Value"), for the Receiving Site. <br /> <br />Section 3. Authorizing the Transfer and Payment for TDRs. Based on the Appraised Value <br />set forth in Section 2 hereinabove, the City Commission hereby approves the payment of two <br />million one hundred eighty-four thousand seven hundred eleven ($2,184,711.00) by the applicant <br />for the transfer of twelve thousand twenty-three (12,023) square feet and sixty-five (65) units <br />from the City's TDR's to the Receiving Site located at 150- 260 Sunny Isles Boulevard per <br />Resolution No. 05-Z-91. A ten percent (10%) non refundable deposit payment shall be made to <br />the City in the amount two hundred eighteen thousand four hundred seventy-one dollars <br />($218,471.00). The remainder of the payment is due prior to issuance of the building permit for <br />the site plan approved by Resolution 05-Z-91. <br /> <br />Section 4. Adjustment of Bank Balance. Upon acceptance of payment for the transfer of <br />development rights based on the Appraised Value, the Bank's balance will be adjusted to reflect <br />a decrease of one hundred twelve thousand nine hundred five (112,905) square feet and sixty- <br />five (65) units (as opposed to the application request for twelve thousand twenty-three (12,023) <br />square feet sixty-five(65) units). <br /> <br />Section 5. Authoritv of the City Manager. The City Manager is hereby authorized to do all <br />things necessary to effectuate the transfer of development rights, including directing the City <br />Clerk to record such transfer and directing the Planning and Zoning Administrator to adjust the <br />Bank balances. <br /> <br />Section 6. <br /> <br />Effective Date. This Resolution shall become effective upon adoption. <br /> <br />PASSED and ADOPTED on this 14th day of April, 2005 <br /> <br />." . . '- <br />ATTEST: ,'",' <br />, J <br />t'. ~ ' <br /> <br />--Si:;..:A-'.'L<: <br /> <br />Jane A Hines, CIty Cl~~k , ' <br /> <br />. ',~} ,'" <br /> <br /> <br />'\. . "'. <br /> <br />~' 't' <br /> <br />R2005- TDRs Transfer to St Tropez <br /> <br />2 <br />