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<br />RESOLUTION NO. 2005- .IlS'1 <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA; ACCEPT ANCE OF THE <br />APPRAISED LAND VALUE OF EIGHTEEN MILLION FIVE <br />HUNDRED THOUSAND DOLLARS ($18,500,000) FOR THE <br />PROPERTY GENERALLY LOCATED AT 15701 COLLINS <br />AVENUE; PROVIDING FOR PAYMENT IN THE AMOUNT OF <br />FIVE MILLION ONE HUNDRED FIFTY-SIX THOUSAND <br />SEVENTEEN DOLLARS AND EIGHTY CENTS ($5,156,017.80) BY <br />THE APPLICANT FOR THE TRANSFER OF DEVELOPMENT <br />RIGHTS ("TDRS") IN THE AMOUNT OF 63,820 SQUARE FEET <br />OF FLOOR AREA AND 28 DWELLING UNITS; PROVIDING <br />FOR TEN PERCENT (10%) DEPOSIT FOR TDRS; PROVIDING <br />FOR THE TRANSFER OF CERTAIN NUMBER OF TDRS TO <br />THE APPLICANT UPON RECEIPT OF CERT AIN PAYMENTS; <br />PROVIDING FOR AN ADJUSTMENT OF THE BALANCE OF <br />TDRS FROM THE CITY'S BANK TO REFLECT THE SALE OF <br />TDRS TO MANSIANA OCEAN RESIDENCES, LLC.; PROVIDING <br />THE CITY MANAGER WITH THE AUTHORITY TO DO ALL <br />THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, by Zoning Resolution No. D~-1-~& adopted November 17, 2005, the City <br />Commission approved the zoning application submitted by Mansiana Ocean Residences LLC. <br />("Applicant") for the transfer of TDRs in the amount of 68,694 square feet of floor area and 31 <br />dwelling units; and <br /> <br />WHEREAS, the Applicant agrees to purchase TDRs in the amount of 63,820 square feet <br />of floor area and 28 dwelling units from the City's Transfer Development Rights Bank as <br />established pursuant to Ordinance No. 2004-218 for a development project commonly known as <br />Mansiana Ocean Residences; and <br /> <br />WHEREAS, the legal description of the property receiving the TDRs is Lots 78 and the <br />North Y2 of Lot 77, Tatum's Ocean Beach Park Subdivision recorded in PB 5 PO 35 of the Public <br />Records of Miami- Dade County, lying East of the easterly boundary of State Road AlA (a/k/a <br />Collins Avenue), Sunny Isles Beach, Florida; and <br /> <br />WHEREAS, pursuant to Section 265-23.4 (b) of the City Code, the City Commission <br />shall consider the acceptance of the appraised land value in the amount of eighteen million five <br />hundred thousand dollars ($18,500,000) for the receiving site; for the purpose of calculating the <br />square foot value of the approved TDRs; and <br /> <br />Mansiana IDR Page 1 of 3 <br />