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SUNNY tS<Fr City of Sunny Isles Beach <br />18070 Collins Avenue, Suite 250 <br />i Sunny Isles Beach, Florida 33160 <br />* * (305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />(305) 947-2150 Building Department <br />CiT * F L O F `' (305) 947-5107 Fax <br />Y OF SUN F <br />MEMORANDUM <br />TO: The Honorable City Commission <br />FROM: Hans Ottinot, City Attorney <br />DATE: January 19, 2016 <br />City Commission <br />George "Bud" Scholl, Mayor <br />Dana Goldman, Vice 1fayor <br />Isaac Aelion, Commissioner <br />Jeanette Gatto, Cormnissioner <br />Larisa Svechin, Commissioner <br />Christopher J. Russo City Manager <br />Hans Ottinot, City Attorney <br />Jane A. Hines, NIMC, City Clerk <br />RE: Amending TDR Resolution for the Project commonly known as Varadero <br />located at 18801 Collins Avenue <br />RECOMMENDATION: <br />This Resolution is presented for approval. <br />REASONS: <br />By Resolution No. 2016-2511, adopted on January 21, 2016, the City Commission approved an <br />assignment of private TDRs from Corner House, LLC to the project known as Varadero located <br />at 18801 Collins Avenue. <br />Essentially, the assignment of the TDRs has reduced the total amount due for the purchase of the <br />TDRs for the Varadero project from $35,435,625.00 to $26,060,625.00. A credit of <br />$9,375,000.00 is being provided to the Varadero project. <br />AWow: <br />Agenda Item <br />Date I —19- 1 V <br />