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<br />111111I11111111111111111111111111111111111111 <br /> <br />ORDINANCE NO. 2003 -.-J B 1 <br /> <br />CFN 2004R0022907 <br />OR Bk 21964 P9S 4881 - 48841 4P9S) <br />RECORDED 01/12/2004 12:18:3~ <br />HARVEY RUVIH, CLERK OF COURT <br />MIAMI-DADE COUHTY, FLORIDA <br /> <br />AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES <br />BEACH, FLORIDA, PROVIDING FOR THE ACCEPTANCE OF THE APPRAISED <br />LAND VALUE OF TWENTY-FIVE MILLION FIVE HUNDRED THOUSAND AND <br />NOIlOO DOLLARS ($25,500,000.00) FOR THE PROPERTY LOCATED AT 17001 <br />COLLINS AVENUE. A/KJA JADE ON THE BEACH; PROVIDING FOR THE <br />ACCEPTANCE AND PAYMENT BY THE APPLICANT OF SEVEN MILLION FIVE <br />HUNDRED FIFTY-EIGHT THOUSAND EIGHT HUNDRED SIXTY-THREE AND <br />NOIlOO DOLLARS ($7,558,863.00) FOR THE TRANSFER OF ONE HUNDRED <br />TWENTY FOUR THOUSAND NINE HUNDRED AND NINETY ONE (124,991) <br />SQUARE FEET AND FIFTY SEVEN (57) UNITS OF THE CITY'S TRANSFERABLE <br />DEVELOPMENT RIGHTS; PROVIDING FOR AN ADJUSTMENT OF THE BALANCE <br />OF TRANSFERABLE DEVELOPMENT RIGHTS FROM THE CITY'S BANK TO <br />REFLECT A DECREASE OF ONE HUNDRED TWENTY FOUR THOUSAND NINE <br />HUNDRED AND NINETY ONE (124,991) SQUARE FEET AND SEVENTY-TWO (72) <br />UNITS AS DESCRIBED IN EXHIBIT "A"; PROVIDING FOR A REPEALER; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, on September 18, 2003, the City Commission approved an application <br />submitted by Fortune, Beach LLC. ("Applicant") for site plan approval for property located at <br />17001 Collins Ave. a/k/a Jade on the Beach containing a transfer of one hundred twenty four <br />thousand nine hundred ninety-one square feet (124,991 sq. ft.) of development rights to be <br />purchased from the City's Development Rights Bank ("Bank") as established pursuant to <br />Ordinance 2003-179; and <br /> <br />WHEREAS, pursuant to Section 265-23 D of the Code of the City of Sunny Isles Beach, <br />the City Commission shall consider the acceptance of the appraised land value in the amount of <br />twenty-five million five hundred thousand dollars ($25,500,000) for the receiving site; for the <br />purpose of calculating the square foot value of the approved Transfer Development Rights; and, <br /> <br />WHEREAS, the City Commission shall consider the acceptance of seven million five <br />hundred fifty-eight thousand eight hundred sixty-three dollars ($7,558,863) for the transfer of <br />one hundred twenty four thousand nine hundred ninety-one square feet (124,991) from the Bank; <br />and <br /> <br />WHEREAS, the property receiving the transfer of development rights ("TDRs") is located at <br />The South 300 ft of the North 400 feet of Lot or Tract 1, Lying east of the State Highway A-I-A <br />(Collins Avenue) as shown on the plat entitled "Subdivision of Government Lot 6, in Section 2, <br />Township 52 South, Range 42 East, and Government Lots 1, 2, 4 and portions of Lots 5 and 6, <br />Section 11, Township 52 South, Range 42 East made by Tatum's Ocean Park Co., according to <br />the map or plat thereof, as recorded in Plat Book 10 at Page 64 of the Public Records of Miami- <br />Dade County, Florida. (hereinafter referred to as the "Receiving Site"); <br /> <br />TDRs transfer to Jade on the Beach <br /> <br />1 <br />