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RESOLUTION NO. 2017 - Z`13�1 <br /> A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br /> SUNNY ISLES BEACH, FLORIDA; APPROVING AN ASSIGNMENT <br /> AGREEMENT FOR THE TRANSFER OF 15,538 SQUARE FEET OF <br /> FLOOR AREA AND 8 DWELLING UNITS OF TRANSFER OF <br /> DEVELOPMENT RIGHTS ("TDRs") FROM REGALIA BEACH <br /> DEVELOPERS, LLC. ("REGALIA") TO A3 DEVELOPMENT, LLC <br /> ("A3"); PROVIDING FOR INSTRUCTIONS TO THE CITY'S ZONING <br /> ADMINISTRATOR; PROVIDING THE CITY MANAGER AND THE <br /> CITY ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS <br /> NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR <br /> AN EFFECTIVE DATE. <br /> WHEREAS, Regalia currently owns 15,538 square feet of floor area and eight (8) <br /> dwelling units of TDRs in a TDR bank established by the City of Sunny Isles Beach ("City"); and <br /> WHEREAS, Regalia has maintained the useful life of TDRs in question by paying an <br /> annual sum of$2,727.00, which is subject to annual increases, for the extension of the useful life <br /> of the TDRs reflected in the attached Exhibit "A"; and <br /> WHEREAS, on or about September 21, 2017, Regalia entered into an Assignment <br /> Agreement to assign and transfer from Regalia 15,538 square feet of floor area and eight (8) <br /> dwelling units to A3 as assignee; and <br /> WHEREAS, the City has reviewed the Assignment Agreement between Regalia and A3 <br /> and has no objection to the assignment of 15,538 square feet of floor area and eight (8) dwelling <br /> units to A3 provided that the annual use life extension payment is made to the City until the TDRs <br /> are assigned to a development project; and <br /> WHEREAS,the City Commission wishes to approve the Assignment Agreement provided <br /> that all conditions are accepted. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br /> CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> Section 1. Approval of Assignment Agreement. The City Commission hereby approves the <br /> Assignment Agreement for the transfer of 15,538 square feet of floor area and eight (8) dwelling <br /> units from Regalia Beach Developers, LLC, assignor, to A3 Development, LLC, assignee, <br /> provided that the annual payment is made to the City annually to maintain the useful life of the <br /> TDRs. If the annual payment is not received by the City as required by the City Code, the useful <br /> of the TDRs referenced herein shall be terminated. <br /> Section 2. Instructions to Zoning Administrator. The City Commission hereby directs the <br /> City's Zoning Administrator to create a TDR bank account in the amount of 15,538 square feet of <br /> floor area with eight (8) dwelling units for A3 Development, LLC. and the Zoning Administrator <br /> is directed to close the TDRs bank account under the Regalia Beach Developers, LLC. <br /> Page I of 2 <br />