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<br />64, Public Records of Miami-Dade County, Florida; less portion lying westerly of Collins <br />Avenue. <br /> <br />WHEREAS, the Applicant agrees to purchase TORs in the amount of Nine Thousand <br />Seven Hundred Fifty-Seven (9,757) square feet or floor area and Zero (0) dwelling units from the <br />City's TOR 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 Sixty-Two Million Dollars ($62,000,000) ("Appraised Valuc"), for the <br />Receiving Site as set forth in the attached appraisal summary. <br /> <br />Section 3. Total Pavment for TORs Based on the Appraised Value set forth in Section 2 <br />hereinabove, the City Commission hereby approves the payment of One Million Two Hundred <br />Eighty-Two Thousand Six Hundred Fifty-Five Dollars ($1,282,655) by the Applicant for the <br />transfer of Nine Thousand Seven Hundred Fifty-Seven (9,757) square feet of floor area and Zero <br />(0) dwelling units from the City's TOR Bank to the Receiving Site generally located at 17201 <br />Collins Avenue pursuant to Zoning Resolution No. D7-7-.-11J7 If the Applicant fails (0 pay the <br />total amount for the TORs, the City shall retain the development rights for which payment has <br />not been received. <br /> <br />Section 4. Full Pavment. Within three (3) working days of the approval of the Applicant's <br />TOR application and site plan application, the Applicant shall provide the City with full payment <br />in the amount of the approved purchase price of $1,282,655.00. Failure to pay the full amount <br />required by 5 pm Tuesday, January 23, 2007 of approval of TOR application and site plan <br />application shall result in an automatic voiding of the City Commission approval of the <br />Receiving Site, transfer of TORs, site plan approval. <br /> <br />Section 5. Adiustmentto TOR Bank. The Zoning Administrator is hereby instructed to make <br />necessary adjustments to the City's TOR Bank Account to reflect the sale of TORs to the <br />Applicant, and to make an adjustment to the City's TOR Bank to reflect a decrease of Nine <br />Thousand Seven Hundred Fifty-Seven (9,757) square feet and Five (5) dwelling units. <br /> <br />Section 6. Authoritv of the Citv Manager. The City Manager is hereby authorized to do all <br />things necessary to effectuate this Resolution. <br /> <br />TDR 06-06 Ocean Four <br />