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1/1512016 Item Coversheet <br />Fal <br />� y�Nur +SFr <br />City of Sunny Isles Beach <br />n 18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />TLoa/P F� (305) 9470606 City Hall <br />°i 5.9 ��° (305) 949.3113 Fax <br />MEMORANDUM <br />TO: The Honorable Mayor and City Commission <br />FROM: Mayor George "Bud" Scholl <br />DATE: 1/21/2016 <br />Donation of Transfer of Development Rights ("TDRs") in <br />RE: the amount of 75,000 square feet of floor area and 35 <br />dwelling units to Corner House LLC for the Property <br />Located at 18801 Collins Avenue <br />RECOMMENDATION: <br />It is recommended that the City Commission approve the proposed <br />Resolution for the transfer of Development Rights ("TDRs") in the <br />amount of 75,000 square feet of floor area and 35 dwelling units to <br />Corner House LLC for the Property Located at 18801 Collins Avenue. <br />REASONS: <br />After extensive negotiations between the Property Owner, Corner <br />House, LLC, ("Corner House") and the City of Sunny Isles Beach <br />("City"), the parties have reached an agreement to include the <br />following key business terms: <br />1. City will donate 75,000[1] square feet of floor area and 35 dwelling <br />units to Corner House for the property located at 18801 Collins <br />Avenue ("Veradero"). <br />2. The Property located at 18590 Collins Avenue will be donated to the <br />City for public purposes. The City will have full control and use of the <br />Property upon acceptance of the dedication of the Property. <br />3. Corner House will make a cash payment to the City for <br />improvements to the site in the amount of $437,500.00 within 30 <br />months from the date of acceptance of the dedication. <br />4. The City will lease the property located at 15800 Collins Avenue to <br />Corner House or a related entity for $5,000.00 per month for up to 18 <br />months at the end of the current lease to an entity owned by Dezer <br />Development Corp. ("Dezer"). However, this lease to Corner House <br />will only be exercised in the event active marketing and sales efforts <br />for the Ritz-Carlton Residences project are still ongoing at the end of <br />the current lease period to Dezer Properties. <br />Additionally, I am informing you that the principals of Corner House <br />are involved in the Ritz-Carlton Residences and are negotiating an <br />agreement with Dezer to lease the 15800 Collins Avenue sales office <br />for the remainder of the term allotted to Dezer by the City to market <br />the Ritz-Carlton project. The length of this remaining term is <br />approximately two and a half years. This would eliminate the need for <br />the principals of Corner House to build a sales center on the <br />oceanfront project site. Therefore, provided the Ritz-Carlton <br />httoJ/sunnvisles.novusagenda.com/agendaweb/CoverSheet.aspx?ltemlD=1837 1/2 <br />