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<br />RESOLUTION NO. 2005- 8t,;.1 <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA; ACCEPTANCE OF THE <br />APPRAISED LAND VALUE OF THIRTEEN MILLION TWO <br />HUNDRED THOUSAND DOLLARS ($13,200,000) FOR THE <br />PROPERTY GENERALLY LOCATED AT 17141 COLLINS <br />AVENUE; PROVIDING FOR PAYMENT IN THE AMOUNT OF <br />THREE MILLION NINE HUNDRED FIFTY-NINE THOUSAND <br />SEVEN HUNDRED THIRTEEN DOLLARS AND THIRTY CENTS <br />($3,959,713.30) BY THE APPLICANT FOR THE TRANSFER OF <br />DEVELOPMENT RIGHTS ("TDRS") IN THE AMOUNT OF 42,368 <br />SQUARE FEET OF FLOOR AREA AND 2 DWELLING UNITS; <br />PROVIDING FOR TEN PERCENT (10%) DEPOSIT FOR TDRS; <br />PROVIDING FOR THE TRANSFER OF CERTAIN NUMBER OF <br />TDRS TO THE APPLICANT UPON RECEIPT OF CERTAIN <br />PAYMENTS; PROVIDING FOR AN ADJUSTMENT OF THE <br />BALANCE OF TDRS FROM THE CITY'S BANK TO REFLECT <br />THE SALE OF TDRS TO MULL Y SB, LLC.; PROVIDING THE <br />CITY MANAGER WITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, by Zoning Resolution No.~, adopted November 17, 2005, the City <br />Commission approved the zoning application submitted by Mully SB, LLC. ("Applicant") for the <br />transfer ofTDRs in the amount of 42,368 square feet of floor area and 2 dwelling units; and <br /> <br />WHEREAS, the Applicant agrees to purchase TDRs in the amount of 42,368 square feet <br />of floor area and 2 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 />Da Vinci; 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 thirteen million two <br />hundred thousand dollars ($13,200,000) for the receiving site, for the purpose of calculating the <br />square foot value of the approved TDRs; and <br /> <br />WHEREAS, the City Commission shall consider the acceptance of three million nine <br />hundred fifty-nine thousand seven hundred thirteen dollars and thirty cents ($3,959,713,30) by <br />the Applicant for the transfer of 42,368 square feet of floor area and 2 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 42,368 square feet of floor area and 25 dwelling units; <br />and <br /> <br />Mully lDR Page 1 of 3 <br />