Resolution Zoning 12-Z-132 - Laserfiche WebLink

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d) Sunny Isles Public Parking 0.20 FAR $244,800 e) Public Recreational Open Space 0.20 FAR $0.00 (*) f) Educational and Cultural 0.20 FAR $244,800 The FAR bonus program consists of participation units, which in this case are equal to 38 participation bonus units (where each participation unit has a value of 0.05 FAR). In detail, the bonus formula is the lot size (acres), times the participation units, times the price tag of the participation unit, for this case is as follows: • 0.85 (acres) x 38 (participation units) x $72,000 (price tag) = $2,325,600 The total contribution for all Floor Area Ratio bonuses for the development is $2,325,600 for a total increase in the floor area ratio of 2.1 for a floor area ratio of 4.6. The Applicant shall provide the City with a non-refundable deposit in the amount of ten percent (10%) of the approved purchase price of $2,325,600 for the FAR bonuses acquired from the City. The total amount of the deposit is $232,560. Failure to pay the required deposit within the three (3) working days of approval of the site plan application shall result in an automatic voiding of the City Commission site plan approval. (*) This is non-cash bonus under the City Code. The open space area will be located in the front setback area of the Project in form of a plaza easement. (15) The Applicant shall pay all fees related to the review of the application described herein and shall have paid all other fees dues to the City. (16) If approved, the Applicant must submit a separate building permit prior to any installation of mural or graphics on temporary construction fencing to be approved administratively by the City Manager or his designee. (17) That the Applicant submits voluntarily and freely the sum of $700,000.00 to the City of Sunny Isles Beach for park and cultural purposes to mitigate the waiver of the beach access. The Applicant shall pay the sum of$700,000.00 based on the following terms: (a) $200,000.00 due upon issuance of building permit; (b) $250,000.00 due one year from issuance of building permit; (c) final payment of$250,000.00 due one year from previous payment of$250,000.00. The installment payment after the issuance of a building permit is subject to five percent (5%) interest per annual. Additionally, the Applicant agrees to donate $50,000.00 to Sunny Isles Beach K-8 Trust Fund for scholarship purposes as part of the mitigation impact to waive the beach access easement requirement. The $50,000.00 mitigation shall be paid directly to the Sunny Isles Beach K-8 Trust Fund within 15 days of approval of the application. The total mitigation amount shall be $750,000.00. Also, the Applicant shall enter into a promissory note with the City regarding the installment payments. 12-Z- 17141 Collins Avenue 5