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<br />RESOLUTION NO. 2006- q sq <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, ('"CITY") PROVIDING FOR THE ACCEPTANCE <br />OF THE APPRAISED LAND VALUE OF FIVE MILLION ONE HUNDRED <br />FIFTY THOUSAND DOLLARS ($5,150,000.00) FOR THE PROPERTY <br />LOCATED AT 16690 COLLINS AVENUE A/KIA ST. TROPEZ; PROVIDING <br />FOR THE ACCEPTANCE AND PAYMENT BY THE APPLICANT OF ONE <br />MILLION ONE HUNDRED SIXTY-TWO THOUSAND SIX HUNDRED <br />SIXTEEN DOLLARS AND NINETY-ONE CENTS ($1,162,616.91) FOR THE <br />TRANSFER OF SEVENTEEN (17) UNITS OF THE CITY'S TDR BANK; <br />PROVIDING FOR TEN PERCENT (10%) DEPOSIT FOR TDRS; PROVIDING <br />FOR ADJUSTMENT OF THE BALANCE OF TDR FROM CITY'S BANK TO <br />REFLECT A DECREASE OF THIRTY T\VO THOUSAND SEVEN HUNDRED <br />FIFTY-NINE (32,759) SQUARE FEET AND SEVENTEEN (17) UNITS, ON THE <br />PROPERTY LOCATED AT 16690 COLLINS AVENUE; PROVIDING FOR <br />CREDITS FOR THE UNDERGROUNDING OF UTILITIES; PROVIDING THE <br />CITY MANAGER 'VITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br />EFFECTIVE DATE. <br /> <br />I. RECITALS. <br /> <br />'VHEREAS, by Zoning Resolution No. 06-Z-101, adopted on July 20, 2006, the City <br />Commission approved the application for a site plan modification submitted by St. Tropez II <br />LLC (the "Applicant") for seventeen (17) units and zero ("0)") square feet of development <br />rights; and <br /> <br />\VHEREAS, pursuant to Section 265-23 D of the Code of the City of Sunny Isles Beach, the <br />City Commission shall consider the acceptance of the appraised land value in the amount of Five <br />Million One Hundred Fifty Thousand Dollars ($5,150,000.00) for the receiving site for the <br />purpose of calculating the square foot value of the approved Transfer of Development Rights as <br />reflected in Exhibit "A"; and, <br /> <br />WHEREAS, the City Commission shall consider the acceptance of One Million One <br />Hundred Sixty-Two Thousand Six Hundred Sixteen Dollars and Ninety-One Cents <br />($1,162,616.91) by the applicant for the transfer of zero (0) square feet and seventeen (17) units; <br />and <br /> <br />'VHEREAS, the City's bank balance will be adjusted to reflect a decrease of thirty-two <br />thousand seven hundred fifty-nine (32,759) square feet and seventeen (17) units; and <br /> <br />WHEREAS, the property receiving the transfer of development rights ("TORs") has the <br />following legal description: lots 35 and all of Island 35, Lot 36 and Lot A of BELLA VISTA <br />SUBDIVISION SECOND REVISED, according to the Plat thereof, recorded in Plat Book 50, at <br />Page 76, less that pmi of Lot A conveyed by Deed dated June 5, 1947 recorded in Deed Book <br />2026, Page 297, for right-of-way for State Road No. 140, and less that pOliion of Lot 36 and Lot <br /> <br />R2006-959 51 Tropez Appraisal Accept For TDR PlII]JPses <br /> <br />Page I orJ <br />