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<br />Summary Minutes: Regular City Commission Meeting May 12,2005 <br /> <br />City of Sunny Isles Beach, Florida <br /> <br />Mayor Edelcup said he does not feel it needs to be deferred because the amendments as he <br />understands them protects Ms. Burke's calculations when the Casino Property was granted <br />TDRs, she was given the total that comes out to 2,045 square feet per unit, and as to her <br />portion ofthat TDR Bank, which he understands is in two parts, will be protected. He said he <br />spoke with City Manager Russo and Planning and Zoning Administrator Jorge Vera and they <br />were all in concurrence that Ms. Burke does not have a problem, so he would like to move <br />forward with this Ordinance. Ms. Burke said as long as she has Mayor Edelcup's assurance, <br />they will support this amendment to the Ordinance. <br /> <br />Planning and Zoning Vera said that the Bank has 236,945 square feet and 99 units and he <br />does not take into account who is in the Bank and who owns what, and he does not subdivide <br />that Bank any further and that is one ofthe reasons he would defer this item. Mayor Edelcup <br />said he is not going to suggest deferral tonight because he has assured the attorney that is <br />representing Fortune that their share will be calculated as it was given to them, they did not <br />sell any oftheir units, they have all of what they started with and they, therefore, have to wind <br />up as an uninjured party and, therefore, will get 2,045 per unit. He said if there is a <br />deficiency, the deficiency is going to have to lie with the party who has already sold some of <br />those units and he is therefore stating that we can move forward with this and there is no <br />reason to defer it. He said that he believes that there is an understanding that both segments <br />of that one bank can be treated separate from each other which they should be. <br /> <br />City Attorney Dannheisser said that Mayor Edelcup is saying two different things and we <br />need clarification and asked Shelley Eichner to discuss that. Ms. Eichner said that the second <br />page of the memo states that while the original constant for the Casino Property was 2,045 <br />square feet and in the first three transfers that have already been done out of the Casino Bank <br />regardless ofthe individuals, they were done using the same methodology that the City used, <br />and so therefore at this juncture, what is technically left in the overall Casino Bank is 2,393 <br />square feet per unit because the calculations that have come out of the Bank already were not <br />decreased simultaneously using the constant. She said that it is her understanding that the <br />Bank as established is the Casino Bank, don't have separate banks for different owners. <br /> <br />Mayor Edelcup said that we will be preparing an amendment to treat multiple owners with an <br />administrative Ordinance that would correct this problem because when there are two or more <br />owners, we are going to have to treat each owner separate and distinct whether we treated it <br />originally as one piece of property, ifthere are more than one owner, for this City to keep <br />proper track of who is entitled to what. He said it has to be divided into segments or sub- <br />accounts to that one Bank and that is the only way that this is going to work, and if we have to <br />start from the premise that we start it with a total amount of square feet, a total amount of <br />units, when you divide one by the other you get a constant which is the way the City applies <br />it, that is the way it should have been applied on the three or four transactions that occurred, it <br />wasn't done that way, it didn't affect this party's half of that Bank and this party therefore <br />should not be injured by it and ifthe other half of that Bank has a residual left it has whatever <br />it has and that is what they have left to sell, but as to the other half, it stays at 2,045 ifthat is <br />the correct calculation of the numbers. <br /> <br />Mayor Edelcup explained that we are starting with a simple fact and because three or four <br />calculations in the interim did not follow the set pattern, we got into an imbalance between <br />units and square footage as it pertained to one owner of these TDRs who happens to own a <br /> <br />4 <br />