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<br />RESOLUTION NO. 2006- ~CJ I <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 FIFTEEN MILLION DOLLARS <br />($15,000,000) FOR THE PROPERTY GENERALLY LOCATED AT <br />19505 COLLINS AVENUE COMMONLY KNOWN AS THE <br />REGALIA CONDOMINIUM PROJECT; PROVIDING FOR <br />PAYMENT IN THE AMOUNT OF FOUR MILLION FIVE <br />HUNDRED THOUSAND TWO HUNDRED SIX DOLLARS AND <br />EIGHTY SIX CENTS ($4,500,206.86) BY THE APPLICANT FOR <br />THE TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") IN <br />THE AMOUNT OF 54,385 SQUARE FEET OF FLOOR AREA; <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 LA MANSION, LLC.; A FLORIDA <br />LIMITED LIABILITY COMPANY; PROVIDING THE CITY <br />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. 03-Z-75 adopted July 17, 2003, the City <br />Commission approved the zoning application submitted by La Mansion, LLC., a Florida Limited <br />Liability Company ("Applicant") for the transfer of TDRs in the amount of 54,385 square feet of <br />floor area; and <br /> <br />WHEREAS, the Applicant agrees to purchase TDRs in the amount of 54,385 square feet <br />of floor area from the City's Transfer Development Rights Bank as established pursuant to <br />Ordinance No. 2004-218 for a development project commonly known as Regalia; 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 fifteen million dollars <br />($15,000,000) for the receiving site, for the purpose of calculating the square foot value of the <br />approved TDRs; and <br /> <br />WHEREAS, the City Commission shall consider the acceptance of four million five <br />hundred thousand, two hundred six dollars and eighty six cents ($4,500,206.86) by the Applicant <br />for the transfer of 54,385 square feet of floor area; and <br /> <br />. R2006-891 La Mansion-Regalia Appraisal Acceptance <br /> <br />Page 1 of 3 <br />