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RESOLUTION NO. 2011- (BOB <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE <br />TRANSFER OF DEVELOPMENT RIGHTS ( "TDRS ") IN THE <br />AMOUNT OF THIRTY FOUR THOUSAND FOUR HUNDRED <br />EIGHTY FIVE (34,485) SQUARE FEET OF FLOOR AREA AND <br />NINETEEN UNITS (19) TO GILCO REALTY, LC A/K/A 18555 <br />DEVELOPERS LLC FOR THE PROPERTY LOCATED AT 18555 <br />COLLINS AVENUE; FROM THE SUB -BANK ACCOUNT OWNED <br />BY FORT APACHE MARINA, LLC,; DIRECTING THE ZONING <br />ADMINISTRATOR OR DESIGNEE TO TRANSFER THE TDRS <br />FROM THE SUB -BANK ACCOUNT IN ACCORDANCE WITH <br />ZONING RESOLUTION 11 -Z Z PROVIDING FOR CONSENT <br />TO TRANSFER TDRS FROM THE SUB -BANK ACCOUNTS; <br />AUTHORIZING THE ADJUSTMENT AND MODIFICATION OF <br />THE TDR SUB -BANK; PROVIDING THE CITY MANAGER <br />WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br />EFFECTIVE DATE. <br />WHEREAS, by Zoning Resolution No. 11-7- 123, adopted November 17, 2011, the City <br />Commission approved the zoning application submitted by Gilco Realty, LC. a/k/a 18555 <br />Developers, LLC ( "Applicant ") for the transfer of TDRS in the amount of 34,485 square feet of <br />floor area and 19 dwelling units; and <br />WHEREAS, by Resolution No. 2005 -784, adopted April 14, 2005, the City Commission <br />designated the Tract "B" of Porto Bellagio, LLC as a sending site for purposes of transferring <br />TDRs, currently owned by Fort Apache Marina, LLC in the amount 34,485 square feet and 19 <br />dwelling units; and <br />WHEREAS, pursuant to City Resolution 2011 -1797 the Commission agreed on releasing <br />restriction imposed under Resolution 2005 -784 as to the use of the Tract `B" of Porto Bellagio <br />TDRs strictly on the west side of Collins Avenue; and <br />WHEREAS, the City's TDR Sub -Bank account owned by Fort Apache Marina, LLC. <br />will be adjusted to reflect the sale of TDRs to the Applicant to reflect the reduction of thirty four <br />thousand four hundred eighty five (34,485) square feet of floor area and four (19) dwelling units; <br />and <br />WHEREAS, the City recognized the Assignment of Development Rights prepared on <br />November 9, 2011 as described as "Exhibit A "; and <br />WHEREAS, the City has received written and notarized Indemnification Agreement <br />from Gilco Realty, LC. a/k/a 18555 Developers, LLC and Fort Apache Marina, LLC as described <br />as "Exhibit B." <br />Gilco Realty, LC TDR Bank Page 1 of 3 <br />