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<br />A. John Szerlag <br />January 16, 2007 <br />Page 3 <br /> <br />know, however, that if financing is an obstacle for constructing the project, it will most likely be <br />an obstacle for making payment of bonuses and TDR's to the City. <br /> <br />Financial Impact on Capital Proiects <br /> <br />The preponderance of funds that we have forecasted for our five year Municipal Capital <br />Improvement Programs are underpinned by bonuses and TDR's. This means that if developers <br />start walking away from projects, the City is going to have to find alternative funding sources, or <br />delay project implementation. Please know that page 262 of our Budget forecasts Capital <br />Revenues of $13,267,636 in FY 2008/09 from two condominium developments. All in all, we <br />have forecast $21.7 million dollars during the next five years in revenues coming from bonuses, <br />and TDR's. The attached memorandum from Assistant City Managers Doug Haag and Jorge <br />Vera delve further into this matter. <br /> <br />Conclusion <br /> <br />I believe the City of Sunny Isles Beach and the development community have the same <br />objectives. We want site plan approved projects to occur in an expedient fashion. We want to <br />complete Municipal Capital Projects in an expedient fashion. We understand that the impact of <br />current real estate market conditions needs to be addressed in such a fashion as to benefit both <br />parties. <br /> <br />These objectives cannot be achieved within the confines of our current ordinance. Instead, a <br />voluntary program to allow for time extensions as identified at the top of this memo should be <br />implemented. And because the program is voluntary, it would be administered administratively. <br />Other arguments for administrative approval are that it will expedite the process making it more <br />efficient; and the voluntary program is strictly ministerial over a fixed time-frame. Of course, I <br />would advise the Commission whenever an extension was granted. Further, I recommend that <br />the Commission determine the time-frames that will allow me to grant these extensions. For <br />starters, I think this program should be in effect for all of calendar 2008. <br /> <br />Thank you. <br /> <br />AJS/iw <br /> <br />Attachments <br /> <br />cc: Hans Ottinot, City Attorney <br />Jorge L. Vera, Assistant City Manager, Service Division <br />Doug Haag, Assistant City Manager, Finance Division <br />Fernando Amuchastegui, Assistant City Attorney <br /> <br />Commission - Policy Voluntary Time Extensions High Rise Cond. DpH"l~ Memo <br />26 <br />