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Summary Minutes:Regular City Commission Meeting October 18,2012 City of Sunny Isles Beach,Florida <br /> Action: City Clerk Hines read the title, and City Attorney Ottinot reported that these <br /> properties are located in the Golden Shores area, and the Declaration of Restrictions were <br /> executed in 1950 that required those properties as duplex use. The Developer has advised <br /> him that they intend to submit plans for single-family homes instead of townhomes. <br /> Public Speakers: Chad Friedman <br /> Chad Friedman representing the contract purchaser of the property said their intentions right <br /> now is to submit for single-family homes on this property and would like this covenant <br /> removed. Commissioner Scholl asked if it prohibits them to go back to duplex, and City <br /> Attorney Ottinot said no. Commissioner Scholl said then all we are doing is giving them the <br /> flexibility to down zone if they choose to do that. Vice Mayor Thaler asked if they owned to <br /> the corner, and Mr. Friedman said they have not bought it yet but are in the process of <br /> purchasing those vacant lots that go from the corner south. <br /> Commissioner Scholl moved and Commissioner Aelion seconded a motion to approve the <br /> resolution. Resolution No. 2012-1983 was adopted by a voice vote of 5-0 in favor. <br /> IOG. A Resolution of the City Commission of the City of Sunny Isles Beach,Florida,Confirming <br /> the Balance of Development Rights Currently Held in the TDR Bank Accounts by the <br /> City of Sunny Isles Beach and Private Owners, Attached Hereto as Exhibit "A"; <br /> Requiring Yearly Updates of Account Balances Held by Private Owners and the City; <br /> Providing the City Manager With the Authority to Do All Things Necessary to Effectuate <br /> this Resolution; Providing for an Effective Date. <br /> Action:[City Clerk's Note: Page 3 of Exhibit "A"was revised and distributed prior to the <br /> meeting.] City Clerk Hines read the title, and City Planner Claudia Hasbun said the City <br /> implemented the TDRs program to create open space,parks and recreational facilities. She <br /> went over the TDR Bank Accounts by the City and by private owners. She noted on page 3 <br /> that the City has collected to date funds in the amount of$38,178,496.25, and that we have <br /> some uncollected funds for the latest projects that the City has to approve. This includes <br /> LPLA Partners which is the Mansions of Acqualina,representing$1,462,500.00 that will be <br /> collected when the building permits are issued. The City has agreed on a contract with them <br /> and so we will receive 5% interest per year in this amount. Also for Porsche at 18555 <br /> Collins Development, LLC, these TDRs are contingency and so we might receive <br /> $975,000.00 for the Porsche design or we might not because if they don't use it, they will <br /> return to our bank account. The uncollected funds can be up to$3,437,500.00,and the total <br /> amount for all the projects that have been approved is $41,615,996.25. <br /> Public Speakers: None <br /> Mayor Edelcup said it was a great report and survey. He has asked each year that we go <br /> through this report so that we can never lose track of where we are with all of these TDRs, <br /> and he thanked Ms. Hasbun for a very comprehensive report. It is very gratifying to know <br /> that we have sold nearly 1.5 Million TDRs out of our bank and that we will receive over$40 <br /> Million. Most of that money has been put into our park system, and we still have <br /> approximately 1.2 Million TDRs to sell in the future as the City further develops. <br /> 13 <br />