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<br />RESOLUTION NO. 2011- lCO II <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, APPROVING A DONATION <br />OF TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") IN THE <br />AMOUNT OF EIGHTY ONE THOUSAND (81,000) SQUARE FEET <br />OF FLOOR AREA AND FORTY TWO UNITS (42) TO GILCO <br />REALTY, LLC AND/OR 18555 DEVELOPERS LLC FOR THE <br />PROPERTY LOCATED AT 18555 COLLINS AVENUE; <br />DIRECTING THE ZONING ADMINISTRATOR OR DESIGNEE <br />TO DONATE THE AFOREMENTIONED TDRS FROM THE TDR <br />BANK ACCOUNT OWNED BY THE CITY; AUTHORIZING THE <br />ADJUSTMENT AND MODIFICATION OF THE TDR BANK <br />ACCOUNT; PROVIDING THE CITY MANAGER AND THE CITY <br />ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, by Zoning Resolution No.I\-Z-/~3, adopted November 17,2011, the City <br />Commission of the City of Sunny Isles Beach (the "City Commission") approved the zoning <br />application submitted by Gilco Realty, LLC and/or 18555 Developers, LLC (commonly known <br />as "Porsche Design Residences") for the transfer of TDRs in the amount of 115,391 square feet <br />of floor area; and <br /> <br />WHEREAS, the City Commission hereby agrees to donate to 18555 Developers, LLC, <br />Transfer of Development Rights ("TORs") in the amount of Eighty One Thousand (81,000) <br />square feet of floor area and Forty Two (42) units for the property located at 18555 Collins <br />A venue; and <br /> <br />WHEREAS, the City's TOR Bank will be adjusted to reflect the donation of 81,000 <br />square feet of floor area and 42 units to 18555 Developers, LLC for the property located at 18555 <br />Collins Avenue; and <br /> <br />WHEREAS, the property receiving the TDRs is described on Exhibit "A" attached <br />hereto; and <br /> <br />WHEREAS, the City Commission agrees to authorize the donation of the TDRs <br />contemplated herein as an incentive for development pursuant to its Charter and Home Rule <br />Authority. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Incorporation of Recitals. The foregoing recitals are true and correct and are <br />incorporated herein by reference as if they are fully set forth herein. <br /> <br />Gilco Realty. LC TDR Bank <br /> <br />Page 1 of 2 <br />