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<br />Summary Minutes: Regular City Commission Meeting May 12,2005 <br /> <br />City of Sunny Isles Beach, Florida <br /> <br />bank to set up this sub-account for this particular owner for the total amount of square footage <br />and units that they originally bought and that will be for sake of argument sub-bank A, and in <br />sub-bank B which is the other partner to their venture will be the remainder of whatever that <br />is at this point because ofthe miscalculations and they will have whatever square footage that <br />they did not sell for their half and they will have whatever units they did not sell in their half <br />remaining. City Attorney Dannheisser said that we are not talking anymore about <br />transactions that have occurred we are now talking about TDRs that are in the Banks now, <br />and Mayor Edelcup said we are only dealing with one Bank that has an error in it and we are <br />trying to correct that error, all the future banks won't have the error if we pass this ordinance. <br /> <br />Shelley Eichner said that the calculations that were previously done, was a different <br />methodology and we have made the recommendation that the private-to-private calculation <br />methodology be the same as the public-to-private. She said if we look at the numbers right <br />now, we subdivide the Casino Bank into Fortune and the other, Fortune would get 124,991 <br />square feet and 61 units and that would leave a balance on the B-part of the Bank, 111,954 <br />square feet and 38 units and that constant would be 2,946 square feet per unit. City Attorney <br />Dannheisser said to attach the summary minutes of this meeting to this Ordinance, so that <br />whoever is left with this who is not here to deal with it will understand that they got 38 units <br />and the 111,991. She said that the way the Ordinance reads right now, will not yield the <br />results that the Mayor is saying, so we have to attach the minutes by way of explanation. <br />Mayor Edelcup agreed and noted that the concept does work and Shelley Eichner said yes the <br />concept works. <br /> <br />Commissioner Brezin noted then that it is understood that Ms. Burke would in no way be <br />effected by them passing this Ordinance as this is going to deal with future and not with <br />something that has already been established and been accepted for Fortune, and Ms. Burke <br />said yes they are completely satisfied. Mayor Edelcup said what we are establishing is a <br />uniform methodology for the future. Vice Mayor Thaler noted on page 5 of the Ordinance <br />under (2) (b) should be changed, and Shelley Eichner said yes it should say: "In cases where <br />a privately-owned site within Town Center.. ..". City Attorney Dannheisser said where it says <br />the word "site", for clarification purposes, please insert "Sender Site". <br /> <br />Commissioner Brezin moved and Vice Mayor Thaler seconded a motion to approve the <br />proposal on first reading, as amended. The motion was approved by a roll call vote of 4- <br />1 [Commissioner Iglesias against] in favor. Second reading, public hearing will be held <br />on Thursday, June 9, 2005, at 7:30 p.m. <br />Vote: Commissioner Brezin yes <br />Commissioner Goodman yes <br />Commissioner Iglesias no <br />Vice Mayor Thaler yes <br />Mayor Edelcup yes <br /> <br />8. PUBLIC HEARINGS (Other than Ordinances for Second Reading) <br /> <br />None <br /> <br />6 <br />