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<br />WHEREAS, the City Commission shall consider the acceptance of five million one <br />hundred fifty-six thousand seventeen dollars and eighty cents ($5,156,017.80) by the Applicant <br />for the transfer of 63,820 square feet of floor area and 28 dwelling units; and <br /> <br />WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale of TDRs to <br />the Applicant to reflect the reduction of 63,820 square feet or floor area and 37 dwelling units; <br />and <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 are <br />incorporated herein by reference as if they fully set forth herein. <br /> <br />Section 2. Approval of Appraised Land Value. The City Commission hereby approves the <br />appraised land value eighteen million five hundred thousand dollars ($18,500,000) ("Appraised <br />Value"), for the Receiving Site as set forth in the attached appraisal summary. <br /> <br />Section 3. Total Payment for TDRs Based on the Appraised Value set forth in Section 2 <br />hereinabove, the City Commission hereby approves the payment of five million one hundred <br />fifty-six thousand seventeen dollars and eighty cents ($5,156,017,80) and by the Applicant for the <br />transfer of63,820 square feet of floor area and 28 dwelling units from the City's TDR Bank to the <br />Receiving Site generally located at 15701 Collins Avenue pursuant to Zoning Resolution No. <br />oS-2-W If the Applicant fails to pay the total amount for the TDRs, the City shall retain the <br />development rights for which payment has not been received. <br /> <br />Section 4. Deposit. Within three (3) working days of the approval of the Applicant's TDR <br />application and site plan application, the Applicant shall provide the City with a non-refundable <br />deposit in the amount often percent (10%) of the approved purchase price of$5,156,017.80. The <br />total amount of deposit is $ 515,601.00. Failure to pay the required deposit within the three (3) <br />working days of approval of TDR application and site plan application shall result in an <br />automatic voiding of the City Commission approval of the Receiving Site, transfer of TDRs, site <br />plan approval. <br /> <br />Section 5. Adiustment to TDR Bank. The Zoning Administrator is hereby instructed to make <br />necessary adjustments to the City's TDR Bank Account to reflect the sale of TDRs to the <br />Applicant, and to make an adjustment to the City's TDR Bank to reflect a decrease of 63,820 <br />square feet and 37 units. <br /> <br />Section 7, Authority of the City Manager. The City Manager is hereby authorized to do all <br />things necessary to effectuate this Resolution. <br /> <br />Section 8. <br /> <br />Effective Date. This Resolution shall become effective upon adoption. <br /> <br />Mansiana TDR Page 2 of 3 <br />