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<br />RESOLUTION NO. 2012 - I fAct fIj <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, REMOVING THE USE RESTRICTION <br />IMPOSED ON THE TRANSFER OF DEVELOPMENT RIGHTS ("TDRs") <br />OWNED BY JERRY'S FAMOUS DELI, INC. ("JERRY'S"); AND <br />PROVIDING FOR A TRANSFER FEE; APPROVING THE ASSIGNMENT <br />OF 98,996 SQUARE FEET OF TDRs TO ADUS, LLC. ("ABUS"); <br />PROVIDING THE CITY MANAGER AND THE CITY ATTORNEY WITH <br />THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE <br />THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, Jerry's Famous Deli, LLC currently owns 98,996 square feet ofTDRs and fifty <br />(50) units in a TDR bank established by the City; and <br /> <br />WHEREAS, on or about April 3, 2012, Jerry's entered into an assigmnent of transfer of <br />development rights with Abus, wherein Jerry's assigned and transferred 98,996 square feet ofTDRs <br />and fifty (50) units to Abus as assignee; and <br /> <br />WHEREAS, the City has reviewed the assignment of transfer of development rights <br />agreement between Jerry's and Abus and has no objection to the documentation or assignment of <br />transfer of98,996 square feet ofTDRs and fifty (50) units to Abus; and <br /> <br />WHEREAS, the TDRs owned by Jerry's are required to be used strictly in conjunction with <br />an approved site plan on the west side of Collins A venue; <br /> <br />WHEREAS, the City Commission wishes to remove the use restriction imposed on 98,996 <br />square feet ofTDRs and fifty (50) units provided that a transfer fee is paid to the City and approve <br />the assignment. <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 I. Removal of use Restriction on TDRs. The City Commission hereby deletes the use <br />restriction imposed on the 98,996 square feet ofTDRs and fifty (50) units owned by Jerry's Famous <br />Deli, Inc. <br /> <br />Section 2. Transfer Fee. As a condition precedent of deleting the use restriction on the TDRs <br />owned by Jerry's Famous Deli, Inc., Abus LLC shall pay the City a minimum fee of$15.00 per <br />square feet pursuant to Section 265-23 (0) of the City Code. The transfer fee shall be $1 ,484,940.00 <br />based on the ownership of98,996 square feet ofTDRs assigned to Abus. Payment of the transfer fee <br />shall be made pursuant to the Promissory Note attached hereto as Exhibit "A". <br /> <br />Section 3. Approving of Assignment. The City hereby approves the assigmnent of 98,996 <br />square feet ofTDRs and fifty (50) units from Jerry's to Abus, a copy of the assignment documents <br /> <br />Page I of2 <br />