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F * FL0 <br />C�rY of 5UN PLO <br />TO: <br />FROM: <br />DATE: <br />RE: <br />City of Sunny Isles Beach <br />18070 Collins Avenue, Suite 250 <br />Sunny Isles Beach, Florida 33160 <br />(305) 947 -0606 City Hall <br />(305) 949 -3113 Fax <br />(305) 947 -2150 Building Department <br />(305) 947 -5107 Fax <br />MEMORANDUM <br />The Honorable Mayor and City Commission <br />Claudia Hasbun, Planner <br />October 18, 2012 <br />City Commission <br />Norman S. Edelcup, Mayor <br />Lewis Thaler, Vice Mayor <br />Isaac Aelion, Commissioner <br />Jeanette Gatto, Commissioner <br />George "Bud" Scholl, Commissioner <br />Christopher J. Russo, City Manager <br />Hans Ottinot, City Attorney <br />Jane A. Hines, CMC, City Clerk <br />City of Sunny Isles Beach Transfer of Development Bank Account <br />RECOMMENDATION: <br />Staff recommends approval of the attached resolution developed in conjunction with the City <br />Attorney's office. <br />REASONS: <br />The City has created open space, parks and recreational facilities aided by the implementation of <br />the Transfer of Development Rights (TDR) ordinance. The City Commission wishes to confirm <br />the amount of development rights that is currently owned by the City and private owners. The <br />Resolution documents delineate the amount of development rights that are in each transfer <br />development rights account. <br />There are two types of TDR accounts. One account is for development rights that are City <br />owned. The other account is for development rights that a private property owner may have <br />acquired. Page one of the attachment outlines the development rights that the City has acquired <br />during the years. There are 2,202,963 square feet and 1110 units from all the properties that the <br />City has acquired. <br />Page two shows the amount of TDRs the City has transferred to private parties. The total amount <br />of TDRs transferred is 948,144 square feet and 516 units. More precisely, the City has sold <br />705,491 square feet and 396 units to developments that received approval by the City <br />Commission. The City has donated 242,653 square feet and 120 units to private owners as part of <br />real estate transactions. This leaves a current balance on the City TDR of 1,254,819 square feet <br />and 594 units. <br />Page three of the attachment shows the funds collected by the City from the sale of TDRs to <br />development Projects. Currently the City has collected $38,178,496.25 from the sale of <br />development rights. There is another $3,437,500 that the City expects to collect in the near <br />