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RESOLUTION NO. 2017- 2-(0 S�p <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, AMENDING RESOLUTION NO. 2015-2417 TO <br />REDUCE THE AMOUNT OF PAYMENT DUE FOR THE PURCHASE OF <br />TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") FOR THE <br />PROJECT LOCATED AT 18801 COLLINS AVENUE COMMONLY <br />KNOWN AS VARADERO BASED ON THE ASSIGNMENT OF PRIVATE <br />TDRS FROM CORNER HOUSE, LLC IN ACCORDANCE WITH <br />RESOLUTION NO. 2016-2511, ADOPTED ON JANUARY 21, 2016; <br />DIRECTING THE ZONING AND PLANNING ADMINISTRATOR TO <br />MAKE ALL NECESSARY ADJUSTMENTS TO THE CITY'S TDR BANK; <br />PROVIDING THE CITY MANAGER AND CITY ATTORNEY TO DO ALL <br />THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br />WHEREAS, the City Commission approved a site plan and a TDR application for the <br />project commonly known as Varadero located at 18801 Collins Avenue ("Project") pursuant to <br />Resolution Nos. 15-Z-156, 16-Z-158, adopted on November 19, 2015 and April 21, 2016; and <br />WHEREAS, the City Commission authorized the transfer of TDRs in the amount of Two <br />Hundred Eighty Three Thousand Four Hundred Eighty Five (283,485) square feet of floor area <br />and One Hundred Nineteen (119) dwelling units for the Project; and <br />WHEREAS, La Playa Beach Associates, LLC ("Applicant") is required to pay the City <br />the sum of $35,435,625.00 for the TDRS prior to the issuance of a building permit for the Project; <br />and <br />WHEREAS, the assignment of the private TDRS in the amount of 75,000 square feet of <br />floor area and 35 dwelling units from Corner House LLC to the Project shall reduce the total <br />amount due by the Applicant to $26,060,625.00 based on a credit of $9,375,000.00 for the private <br />TDRS. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY <br />OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Approval of Amendment of Resolution No. 2015-2497. The City Commission of <br />the City of Sunny Isles Beach, Florida hereby amends Resolution No. 2015-2497, adopted on <br />November 19, 2015, to reduce the amount due for the purchase of Transfer of Development Rights <br />("TDRS") by La Playa Associates, LLC from $35,435,625.00 to $26,060,625.00 based on a credit <br />of $9,375,000.00 for the assignment of private TDRS from Corner House LLC. <br />Section 2. Directive to Zoning Administrator. The Zoning Administrator is hereby directed <br />to adjust the City's TDR bank to reflect the credit provided to La Playa Associates, LLC. <br />Page 1 of 2 <br />Reso Approving allocation of TDRS between Corner House and La Playa Varadero <br />