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Preview <br />C, a0 <br />Tr or sup � <br />TO: <br />FROM: <br />DATE: <br />RE: <br />Page 1 of 1 <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947 -0606 City Hall <br />(305) 949 -3113 Fax <br />MEMORANDUM <br />The Honorable Mayor and City Commission <br />Hans Ottinot, City Attorney <br />5/10/2012 <br />Ordinance amending Section 265 -25 of the Land Development <br />Regulations <br />RECOMMENDATION: <br />It is recommended that the City of Sunny Isles Beach (the "City ") adopt the proposed <br />Ordinance amending Section 265 -25 of the Land Development Regulations. <br />REASONS: <br />The City desires to facilitate and expedite the development of real estate development <br />throughout the City. More precisely, the City desires to ensure the proposed development <br />is constructed within the time frame permitted by the Land Development Regulations. <br />Additionally, the City wants to stop the practice of "flipping" development approvals by <br />speculators. In order to accomplish these goals, the City desires to require a <br />nonrefundable deposit of 10% for the purchase of bonus units which shall be paid within <br />three working days of the date of City Commision approval of the site plan application. <br />The failure to make such deposit within the prescribed time frame shall result in an <br />automatic voiding of the City Commission approval. Lastly, the requirements of this <br />amendment shall apply to any zoning district in the City that provides monetary bonuses <br />to increase the floor area ratio of a development project. <br />ATTACHMENTS: <br />LPA Resolution <br />Ordinance <br />Notice of Public Hearing ^ <br />Agenda Item (�1 <br />Date rj- lo. I Z <br />http: / /sibagenda. sibfl. net/agenda/Preview. aspx ?1tem1D= 776 &MeetingI. <br />