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<br />NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Recitals. The foregoing recitals are true and correct and are incorporated herein <br />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-five million five hundred thousand dollars ($25,500,000) <br />("Appraised Value"), for the Receiving Site. <br /> <br />Section 3. Final Approval ofPavrnent for TDRs. Based on the Appraised Value set forth in <br />Section 2 hereinabove, the City Commission hereby approves the payment of seven million five <br />hundred fifty-eight thousand eight hundred sixty-three dollars ($7,558,863) for the transfer of <br />one hundred twenty-four thousand nine hundred ninety-one square feet (124,991sq.ft.) and fifty- <br />seven (57) units from the City's TDR's to the Receiving Site. <br /> <br />Section 4. Adiustment of Bank Balance, Upon acceptance of payment for the transfer of <br />development rights based on the Appraised Value, the Bank's balance will be adjusted to reflect <br />a decrease of one hundred twenty-four thousand nine hundred ninety-one square feet (124,991 <br />sq, ft.) and seventy-two (72) units (as opposed to fifty-seven (57) units). <br /> <br />Section 5. Authority of the City Manager. The City Manager is hereby authorized to do all <br />things necessary to effectuate the transfer of development rights, including directing the City <br />Clerk to record such transfer and directing the Planning and Zoning Administrator to adjust the <br />Bank balances currently outlined on Exhibit "A". <br /> <br />Section 6. Repealer. Except for Exhibit "A," which will continue to be adjusted with the <br />latest dated Exhibit as controlling in each case, all ordinances or parts of ordinances in conflict <br />herewith, be and the same, are hereby repealed. <br /> <br />Section 7. Effective Date. This ordinance shall become effective ten (10) days after adoption <br />on second reading. <br /> <br />PASSED and ADOPTED on first reading this 13-1-h day of tJ l)n~VV\~c2V, 2003. <br /> <br />PASSED and ADOPTED on second reading this L.J.u.- day of ~ ' 2003 <br /> <br />By: <br /> <br /> <br />ATTEST:, <br /> <br />dCN ~,~ <br /> <br />Jane A. Hines, City Clerk <br /> <br />TDRs transfer to Jade on the Beach <br /> <br />2 <br />