Reso 2006-891 - Laserfiche WebLink

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WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale of TDRs to the Applicant to reflect the reduction of 54,385 square feet of floor area and 3 I dwelling units; and WHEREAS, the property receiving the TDRs is located at Lot s 1, 2 and 3, REPLAT OF BLOCK 1 OF VENICETT A BEACH, according to the plat thereof, as recorded in Plat Book 44, Page 4, of the Public Records of Miami-Dade County, Florida. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section I. Incorporation of Recitals. The foregoing recitals are true and correct are incorporated herein by reference as if they fully set forth herein. Section 2. Approval of Appraised Land Value. The City Commission hereby approves the appraised land value fifteen million dollars ($15,000,000) ("Appraised Value"), for the Receiving Site as set forth in the attached appraisal summary. Section 3. Total Payment for TDRs. Based on the Appraised Value set forth in Section 2 hereinabove, the City Commission hereby approves the payment of four million five hundred thousand two hundred six dollars and eighty six cents ($4,500,206.86) by the Applicant for the transfer of 54,385 square feet of floor area from the City's TDR Bank to the Receiving Site generally located at 19505 Collins Avenue pursuant to Zoning Resolution No. 03-Z-75. If the Applicant fails to pay the total amount for the TDRs, the City shall retain the development rights for which payment has not been received. Section 4. Deposit. Within three (3) working days of the approval of the Applicant's TDR application and site plan application, the Applicant shall provide the City with a non-refundable deposit in the amount often percent (10%) of the approved purchase price of$4,500,206.86. The total amount of deposit is $ 450,020.86. Failure to pay the required deposit within the three (3) working days of approval of TDR application and site plan application shall result in an automatic voiding of the City Commission approval of the Receiving Site, transfer of TDRs, site plan approval. Section 5. Adiustment to TDR Bank. The Zoning Administrator is hereby instructed to make necessary adjustments to the City's TDR Bank Account to reflect the sale of TDRs to the Applicant, and to make an adjustment to the City's TDR Bank to reflect a decrease of 54,385 square feet and 31 units. Section 7. Authority of the City Manager. The City Manager is hereby authorized to do all things necessary to effectuate this Resolution. Section 8. Effective Date. This Resolution shall become effective upon adoption. R2006-891 La Mansion-Regalia Appraisal Acceptance Page 2 of3