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r NNY ts( City of Sunny Isles Beach CityCommissia <br /> Fs Yorman S.Edelcup, Mayo <br /> ; �, 17070 Collins Avenue, Suite 250 Gerry Goodman, vice Mayo <br /> Sunny Isles Beach, Flonda 33160 Roslyn Brezin,Commissione <br /> ��� ,4 = Danny Iglesias,Commissione <br /> + Lewis Thaler,Commissione <br /> • <br /> ` ` (305)947-0606 City Hall <br /> �'Dy` - P� (305) 949-3113 Fax Christopher J.Russo,City Manage <br /> O r <br /> :„. 9,,..::-F C <br /> FLOW O S� (305) 947-2150 Building Department Lynn M.Dannheisser,City Attorne <br /> rY of suN "`� (305) 947-5107 Fax Jane A.Hines,City Clen <br /> Memorandum <br /> TO: The Honorable City Commission <br /> FROM: Christopher J. Russo, City Manager <br /> DATE: December 18, 2003 <br /> RE: ORDINANCE AMENDING THE ZONING CODE TO INCREASE THE <br /> PRICE OF A BONUS PARTICIPATION UNIT <br /> RECOMMENDATION: <br /> It is recommended that the City Commission adopt the attached Ordinance setting the <br /> price of a Bonus Participation Unit at Thirty-Five Thousand Dollars ($35,000) in certain <br /> zoning districts within the City. <br /> REASON(S): <br /> The zoning code was compiled through the efforts of the Citizens' Planning Committee <br /> and our consultant planner, Jack Luft, almost four years ago. At that time, the City was <br /> in the process of formulating its long-term capital improvement needs and the cost of <br /> real estate and dwelling units was substantially less than it is today. The common <br /> thinking at the time was an average unit size substantially smaller than is currently <br /> contemplated today, along with substantially lower per-square foot dollar value of new <br /> construction. The City now has a track record of development and real estate costs in <br /> addition to a long term Capital Improvement Program and projections as to the long <br /> term needs of the City which necessitate a closer nexus between the value of the bonus <br /> program and the Capital Improvement Program. <br /> Conceptually speaking, we looked at the projects approved and planned for the City in <br /> relationship to the value of transferable development rights, base zoning and the bonus <br /> program. All were looked at in relationship to the per-unit cost. Calculations of bonuses <br /> based on land value, estimates from assessed value projections of bonuses to be <br /> applied for projects over the next three to five years were also taken into consideration. <br /> Value totals in each category of bonuses were looked at utilizing bonus value per <br /> participation unit, based on current land values. In addition, the City calculated its <br /> Agenda Item 8 , -2, <br /> Date UL <br />