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RESOLUTION NO. 2017- 2- 1 1 <br /> A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br /> SUNNY ISLES BEACH, FLORIDA, AMENDING RESOLUTION <br /> NO. 2013-2052 TO RESCIND THE ELIMINATION OF THE <br /> CONDITIONAL GRANT OF TDRS IN THE AMOUNT OF <br /> FIFTEEN THOUSAND (15,000) SQUARE FEET OF FLOOR AREA <br /> AND SEVEN UNITS (7) FOR THE PROPERTY LOCATED AT <br /> 18555 COLLINS AVENUE COMMONLY KNOWN AS THE <br /> PORSCHE DESIGN PROJECT; REQUIRING PAYMENT FOR <br /> THE CONDITIONAL GRANT OF TDRS AT THE TIME OF <br /> ISSUANCE OF CERTIFICATE OF OCCUPANCY; DIRECTING <br /> THE ZONING ADMINISTRATOR OR DESIGNEE FOR THE <br /> ADJUSTMENT AND MODIFICATION OF THE CITY'S TDRS <br /> BANK ACCOUNT; PROVIDING THE CITY MANAGER WITH <br /> THE AUTHORITY TO DO ALL THINGS NECESSARY TO. <br /> EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br /> EFFECTIVE DATE. <br /> WHEREAS, by Zoning Resolution No.11-Z-123, adopted November 17, 2011, the City <br /> Commission approved the zoning application submitted by Gilco Realty, L.C. a/k/a 18555 <br /> Developers, LLC, ("Applicant"); for the project known as Porsche Design ("Project"); and <br /> WHEREAS, the City Commission further approved a TDRs application under Zoning <br /> Resolution No. 11-Z-123, requesting the use of One Hundred Fifteen Thousand Four Hundred <br /> Eighty Five (115,485) square feet of floor area and Sixty One (61) dwelling units; and <br /> WHEREAS, the Applicant is only using One Hundred Thirteen Thousand Nine Hundred <br /> Forty Six (113,946) square feet of floor area and Sixty (60) dwelling units and the Applicant is <br /> seeking to deposit the unused TDRs for the Project in the amount of One Thousand Five Hundred <br /> Thirty Nine (1,539) square feet of Floor Area Ratio (FAR) and one (1) dwelling unit into a TDRs <br /> sub-account in favor of the Applicant; and <br /> WHEREAS, the Zoning Resolution No. 11-Z-123 was amended by the City Commission <br /> via Zoning Resolution No. 12-Z-129 adopted May 10, 2012 and the Applicant received conditional <br /> approval to use Fifteen Thousand (15,000) square feet of TDRs and seven (7) dwelling units <br /> ("Conditional TDRs") for the Project; and <br /> WHEREAS, by Resolution No. 2013-2052, adopted on April 18, 2013, the Applicant <br /> requested the elimination of the conditional TDRs and is now requesting the reallocation of the <br /> conditional TDRs for the Porsche Design Project; and <br /> WHEREAS, the City Commission wishes to reallocate the conditional TDRs to the <br /> Porsche Design Project for use until the issuance of the Certificate of Occupancy. <br /> Reallocation of the Grant of TDRs Porsche Design Page 1 of 3 <br />