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<br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />City Commission <br />Norman S. Ede1cup, MtfYor <br />Lewis J. Thaler, Vi'l Mqyor <br />Isaac Aelion, CommifJioner <br />Jeanette Gatto, CommifJioner <br />George "Bud" Scholl, CommifJioncr <br /> <br />(305) 947-0606 City Ilall <br />(305) 949-3113 Fax <br />(305) 947-2150 Building [)cpartmmt <br />(305) 947-5107 Fax <br /> <br />Alan J. Cohen, City Manager <br />Hans Ottinot, City Allorn~y <br />Jane A. Hines, CMC, City Clerk <br /> <br />MEMORANDUM <br /> <br />The Honorable City commis;1n{w <br /> <br />Hans Ottinot, City Attorney {Jf<f l) <br /> <br />November 17,2011 <br /> <br />Resolution Donating TDRS to Gilco Realty, LLC <br /> <br />RECOMMENDATION: <br /> <br />This Resolution is presented for your consideration. <br /> <br />REASONS: <br /> <br />In light of the current real estate market, the City has adopted several measures to provide <br />reasonable development incentives for the redevelopment of property on the east side of Collins <br />Avenue. Based on the adoption of these measures, developers are now filing site plan <br />applications with the City to build certain projects after a three year hiatus. The City has a desire <br />to continue to provide development incentives for projects that are consistent with the <br />development patterns in the City. As such, the City Commission wishes to donate eighty one <br />thousand (81,000) square feet of Transfer of Development Rights ("TDRs) and forty two (42) <br />units to Gilco Realty, LLC and/or 18555 Developers LLC for the development project to be <br />constructed on the property located at 18555 Collins Avenue. Please note that the donation is <br />condition on the approval of the site plan application filed by Gilco Realty. <br /> <br />As a point of information, the City has a substantial amount of TDRs in its bank account. The <br />City's current bank account reflects over one million square feet of TDRs. These TDRs were <br />obtained via the purchase of properties for municipal parks. <br /> <br />/ Attachment <br /> <br />Abb-O~: <br />Agenda Item <br /> <br />Date <br />