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Reso 2006-1005
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Reso 2006-1005
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Last modified
7/1/2010 9:41:57 AM
Creation date
1/9/2007 11:04:34 AM
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CityClerk-Resolutions
Resolution Type
Resolution
Resolution Number
2006-1005
Date (mm/dd/yyyy)
11/16/2006
Description
Accept Land Value/TDRs 17475 Collins Avenue SUNNY ISLES RESOR DEV.
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<br />WHEREAS, the property receiving the transfer of development rights ("TDRs") has the <br />following legal description: The North 100 feet of Lot 3 of TATUM'S OCEAN PARK <br />COMPANY'S SUBDIVISION, lying East of the Easterly right-of-way of State Road AlA, <br />according to the Plat thereof, as recorded in Plat Book 10, at Page 64, of the Public Records of <br />Miami-Dade County, Florida. <br /> <br />WHEREAS, the Applicant agrees to purchase TDRs in the amount of fifty one thousand <br />seven hundred forty nine (51,749) square feet or floor area and twenty (25) dwelling units from <br />the City's TDR Bank as established under the City Code. <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 I. 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 of twenty two million seven hundred thousand dollars ($22,700,000) <br />("Appraised Value"), for the Receiving Site as set forth in the attached appraisal summary. <br /> <br />Section 3. Total Pavment for TDRs Based on the Appraised Value set forth in Section 2 <br />hereinabove, the City Commission hereby approves the payment of six million eight hundred ten <br />thousand and one hundred sixty eight dollars ($6,810,168) by the Applicant for the transfer of <br />fifty one thousand seven hundred forty nine (51,749) square feet of floor area and twenty five <br />(25) dwelling units from the City's TDR Bank to the Receiving Site generally located at 17475 <br />Collins Avenue pursuant to Zoning Resolution No.b~''2-IO'' If the Applicant fails to pay the total <br />amount for the TORs, the City shall retain the development rights for which payment has not <br />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 of ten percent (10%) of the approved purchase price of $6,810,168. The <br />total amount of deposit is $681,017. 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 ofTDRs, site <br />plan approval. <br /> <br />Section S. 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 fifty one <br />thousand seven hundred forty nine (51,749) square feet twenty-eight (28) dwelling 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 />TDR Transfer- Ocean Beach Resort <br />Nov. 17,2006 <br />
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