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<br />WHEREAS, Fortune International, The Related Group, and City Plaza Corporation now <br />wish to transfer the combine total of TDRs in the amount of 236,945 square feet of floor area <br />and 99 dwelling units from their sub-accounts to TRG Sunny Isles, LTD. to be used in <br />accordance with Zoning Resolution No.05-Z-94; and <br /> <br />WHEREAS, the property receiving the TDRs is located at Lots 80 thru 89, Tatum's <br />Ocean Beach Park Subdivision recorded in PB 5 PG 35 of the Public Records of Miami-Dade <br />County, lying East of the Easterly boundary of State Road AlA (aJk/a Collins Avenue), Sunny <br />Isles Beach, Florida. <br /> <br />WHEREAS, the City Commission agrees to authorize the transfer of the TDRs <br />contemplated herein in accordance with its transfer of development rights ordinance. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <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 /> <br />Section 2. Authorizing the Transfer of Development Rights. Pursuant to Section 265-23.3 of <br />the City Code and in accordance with Zoning Resolution No. 05-Z-94, the City Commission <br />hereby authorizes the transfer of the development rights in the amount of 236,945 square feet of <br />floor area and 99 dwelling units to TRG Sunny Isles, LTD. from the TDR sub-accounts owned by <br />Fortune International, The Related Group, and City Plaza Corporation. <br /> <br />Section 3. Directive to Zoning Administrator. The Zoning Administrator or designee is <br />hereby directed to transfer the development rights from TDR Bank to TRG Sunny Isles, LTD. in <br />accordance with Zoning Resolution No. 05-Z-94. <br /> <br />Section 4. Consent to Transfer from Sub-Bank Accounts. The consent to transfer TDRs from <br />the sub-bank accounts owned by Fortune International, the Related Group, and City Plaza is <br />reflected in the attached letters. <br /> <br />Section 5. Adiustment to TDR Bank for the Casino Property. The Zoning Administrator is <br />hereby instructed to make the necessary adjustments to the TDR sub-accounts owned by Fortune <br />International, The Related Group, and City Plaza Corporation or in the alternative, the TDR Bank <br />commonly known as the Casino Bank. <br /> <br />Section 6. Authority of the City Manager. The City Manager is hereby authorized to do all <br />things necessary to effectuate this Resolution. <br /> <br />Section 7. <br /> <br />Effective Date. This Resolution shall become effective upon adoption. <br /> <br />PASSED AND ADOPTED this 14th day of July 20 <br /> <br /> <br />) <br /> <br />TRG Resolution Page 2 of 3 <br />