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12/15/2017 Item Coversheet <br /> S�NNY'$`6* City of Sunny Isles Beach <br /> T, 18070 Collins Avenue <br /> Yrj Z Sunny Isles Beach, Florida 33160 <br /> y• ',�LL 0.,or se (305)947-0606 City Hall <br /> 0,so''0.'° (305)949-3113 Fax <br /> MEMORANDUM <br /> TO: The Honorable Mayor and City Commission <br /> VIA: Christopher J. Russo, City Manager <br /> FROM: Claudia Hasbun, Planning and Zoning Director <br /> DATE: 12/21/2017 <br /> RE: City of Sunny Isles Beach Transfer of Development <br /> Bank Account Annual Update <br /> • <br /> RECOMMENDATION: <br /> Staff recommends approval of the attached Resolution. <br /> REASONS: <br /> The City Commission wishes to confirm the amount of development <br /> rights that are currently owned by the City and private owners under <br /> our Transferable Development Rights (TDR) program. The documents <br /> attached to the Resolution delineate the amount of development rights <br /> that are in each TDR account. <br /> Page one of the attachment outlines the development rights that the <br /> City has acquired during the years, including 2,370,282 square feet of <br /> floor area and 1,187 dwelling units from all the properties. This page <br /> has no changes from last Fiscal Year. <br /> Page two shows the amount of TDRs the City has transferred to <br /> private parties. The total amount of TDRs transferred is 1,689,664 <br /> square feet of floor area and 843 dwelling units. There is a current <br /> balance in the City's TDRs account of 680,618 square feet and 344 <br /> units as of the date of this memorandum. There was a minimal <br /> reduction from the City's TDR bank account for two Mansions of <br /> Acqualina balcony enclosures for a total of 590 square feet of floor • <br /> area. <br /> Page three of the attachment shows the funds collected by the City <br /> from the sale of TDRs for development projects. Over the years, the <br /> City has collected $63,963,367.25 from the sale of TDRs. There is <br /> another $27,837,787.00 that the City expects to collect in the near <br /> future from approved projects. This past Fiscal Year, TDRs payment <br /> were received from the Turnberry project. <br /> Finally, page four delineates the accounts showing the amount of <br /> development rights privately owned. The accounts total 124,986 <br /> square feet of floor area and 59 dwelling units. There was a reduction <br /> of 26,173 square feet of floor area and 10 dwelling units. This was the <br /> result of a closing of the Beach Acquisition account that was assigned <br /> to the Turnberry project, and the closing of the 18555 Developers, LLC <br /> that was used at the Porsche Design project. <br /> https://sunnyisles.novusagenda.com/AgendaWeb/CoverSheet.aspx?ItemID=2253 1/2 <br />