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<br />Preview <br /> <br />Page 1 of 1 <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />FROM: <br /> <br />Hans Ottinot, City Attorney <br /> <br />DATE: <br /> <br />9/17/2009 <br /> <br />RE: <br /> <br />Resolution Ratifying the Creation of Bank Accounts for Transfer of <br />Development Rights <br /> <br />RECOMMENDATION: <br /> <br />It is recommended that the attached Resolution be approved. <br /> <br />REASONS: <br /> <br />By Resolution No. 2009-1453, the City Commission approved the purchase of property <br />located at 151 Sunny Isle Boulevard for the development of a public park and -public <br />parking facility. As part of the sale and purchase with R K Associates VIII, the City is <br />required to create a Transfer of Development Rights (TDRs) bank account designated for <br />RK Associates VIII in the amount of 58,500 square feet and 30 units. The TDR bank <br />account has been created and staff is seeking ratification. <br /> <br />Also, as part of the purchase of the property located at 16200 Collins A venue, the City <br />agreed to create a TDRs bank account designated in the amount of 40,000 square feet and <br />20 units. The TDR bank account has been created and staff is seeking ratification. <br /> <br />As a point of information, the City has more than 500,000 square feet in its bank account <br />excluding the new purchases. <br /> <br />ATTACHMENTS: <br />. Ratifying the Creation of Bank Accounts for Transfer of Development Rights <br />. TDR Bank Statement <br /> <br />Agenda Item _lOW <br /> <br />Date <br />http://sibagenda.sibfl.net/agenda/Preview.aspx?ItemID=81 &Meeting: <br /> <br />9-ll-oq <br />