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<br />RESOLUTION NO. 2011-lI2..31 <br /> <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 TWENTY FIVE THOUSAND (25,000) SQUARE <br />FEET OF FLOOR AREA AND NINE UNITS (9) TO LPLA <br />PARTNERS, LP FOR THE PROPERTY LOCATED AT 17749 <br />COLLINS A VENUE FROM THE CITY'S TDR BANK ACCOUNT; <br />DIRECTING THE ZONING ADMINISTRATOR OR DESIGNEE . <br />TO TRANSFER THE TDRS FROM THE CITY'S BANK <br />ACCOUNT IN ACCORDANCE WITH ZONING <br />RESOLUTION t1''Z-/~if, AUTHORIZING THE ADJUSTMENT <br />AND MODIFICATION OF THE CITY'S TDR BANK; PROVIDING <br />THE CITY MANAGER WITH THE AUTHORITY TO DO ALL <br />THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, by Zoning Resolution No. H-Z-IAl/ adopted December 22, 2011, the City <br />Commission approved the zoning application submitted by LPLA Partners, LP., ("Applicant") <br />for the transfer of TDRs in the amount of 25,000 square feet of floor area and 9 dwelling units; <br />and <br />WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale ofTDRs to <br />the Applicant to reflect the reduction of twenty five thousand (25,000) square feet of floor area <br />and nine(9) dwelling units; and <br /> <br />WHEREAS, pursuant to Section 265-23D of the Code of the City of Sunny Isles Beach, <br />the City Commission shall consider the acceptance of the appraised land value in the amount of <br />Twenty Four Million Five Hundred Thousand Dollars ($24,500,000) for the receiving site for the <br />purpose of calculating the square foot value of the approved TDRs; and <br /> <br />WHEREAS, the Applicant is required to pay a per square foot price of $65 as reflected in <br />the appraisal attached hereto as Exhibit "A"; and <br /> <br />WHEREAS, the City Commission agrees to accept One Million <br />Six Hundred Twenty Five Thousand Dollars ($1,625,000) by the Applicant for the transfer of <br />twenty five thousand (25,000) square feet of floor area and nine (9) dwelling units; and <br /> <br />WHEREAS, the property receiving the TDRS is described as follows: <br /> <br />Parcel 1. Portion of Govt. Lot 6 Tatum's Ocean Park Subdivision (PB 10-64) N 100 ft. of Tract 4 East <br />of State Route AlA and S 100 ft. of Tract A (PB 35-51) <br /> <br />WHEREAS, the City Commission agrees to authorize the transfer of the TDRs <br />contemplated herein in accordance with its transfer of development rights ordinance. <br /> <br />LPLA Partners, LP. TDR Bank <br /> <br />Page 1 of3 <br />