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<br /> <br />To: <br /> <br />From: <br /> <br />Date: <br /> <br />Re: <br /> <br />:Aoo(t') .. d S "'1 <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />City Commission <br />Norman S. Edelcup, Mayor <br />Roslyn Brezin, Vice Mayor <br />Gerry Goodman, Commissioner <br />Danny Iglesias, Commissioner <br />Lewis J. Thaler, Commissioner <br /> <br />(305) 947-0606 City Hall <br />(305) 792-1565 Fax <br />(305) 947-2150 Building Department <br /> <br />A. John Szerlag, City Manager <br />Hans Ottinot, City Attorney <br />Jane A. Hines, City Clerk <br /> <br />MEMORANDUM <br /> <br />The Honorable Mayor and City Com~sion <br /> <br />Jorge L. Vera, Assistant City Manager ~ <br /> <br />April 11 , 2006 CJ <br /> <br />Increase to Bonus Participation Unit <br /> <br />RECOMMENDATION <br /> <br />This Ordinance is presented for your consideration and approval. <br /> <br />REASONS <br /> <br />In 2003, the City Commission approved an adjustment to the value associated with the bonus <br />participation unit under the bonus program for certain districts in the Land Development <br />Regulations of the City of Sunny Isles Beach. At the time, the commission approved the value for a <br />bonus participation unit at $35,000, <br /> <br />City staff reviewed the projects approved and planned for the City in relationship to the increases in <br />land cost and construction cost. It is apparent that the current value of the bonus participation unit <br />is not keeping pace with the increase in cost of the construction industry. <br /> <br />According to an article on South Florida CEO magazine, a recent study conducted by Integra Realty <br />Resources, Inc, a consulting fIrm based out of New-York states that construction materials increased <br />30 percent in 2005 not including the increase in labor cost. The study implies that more cost <br />increases may be coming in 2006. <br /> <br />Taking into consideration the approved and planned City projects and the increase in the cost of <br />construction associated with them, staff is proposing an increase in the unit cost from $35,000 to <br />$50,000 dollars per participation unit. <br /> <br />The increase in value is based under the same nexus as in the prior analysis. The value takes into <br />account the increase in land value, and cost of participation unit based on current construction and <br />square footage value of property. The existing bonus system category shall remain intact. <br /> <br />Agenda Item q C . 0 <br />Date L{ - u- O~ <br />