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RESOLUTION NO. 2026 - <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, <br />FLORIDA, APPROVING THE TERMS AND CONDITIONS OF A PROMISSORY NOTE <br />FOR THE PAYMENT OF APPROVED FLOOR AREA RATIO (FAR) BONUSES IN THE <br />AMOUNT OF THIRTEEN MILLION FORTY THOUSAND FOUR HUNDRED SEVENTY- <br />NINE DOLLARS AND THIRTY-FOUR CENTS ($13,040,479.34) FOR THE APPROVED <br />SITE PLAN APPLICATION (PZ2025-08) SUBMITTED BY MB RE INVESTMENTS, LLC, <br />FOR THE PROJECT ENTITLED "MIAMI BEACH CLUB" CONSISTING OF A SIXTY-TWO <br />(62) STORY RESIDENTIAL CONDOMINIUM TOWER WITH 524,212.8 SQUARE FEET <br />OF FLOOR AREA, INCLUDING A 2,390 SQUARE FOOT PRIVATE RESTAURANT, AND <br />145 RESIDENTIAL DWELLING UNITS; PROVIDING THE CITY MANAGER WITH THE <br />AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEALER; PROVIDING FOR AN <br />EFFECTIVE DATE. <br />WHEREAS, MB RE Investments, LLC (the "Applicant") submitted a site plan application <br />(PZ2025-08), to the City of Sunny Isles Beach, Florida ("City"), for the project entitled "Miami <br />Beach Club," consisting of a sixty-two (62) story residential condominium tower with 524,212.8 <br />square feet of floor area, including a 2,390 square foot private restaurant, and 145 residential <br />dwelling units ("Application"); and <br />WHEREAS, pursuant to Resolution No. 26-Z-221, the City Commission approved the <br />Applicant's site plan application (PZ2025-08) and Applicant's request for a payment agreement, <br />in the form of two Promissory Notes, one for the approved FAR bonuses and one for the City's <br />TDRs, not paid -in kind, over a period of time and on terms approved by the City Commission; and <br />WHEREAS, the Applicant's proposed Promissory Note for FAR bonuses is for an <br />indebtedness of $13,040,479.34, together with annual interest accruing from the issuance of the <br />below grade or master building permit, whichever occurs first, at a rate of Prime plus one-half <br />percent (0.5) per annum, with the Applicant making annual interest payments to the City until <br />the Promissory Note is paid in full; and <br />WHEREAS, the Applicant is seeking the City Commission's approval of the terms and <br />conditions for Applicant's Promissory Note for FAR bonuses; and <br />WHEREAS, on January 15, 2026, and continuing thereafter on February 19, 2026, the City <br />Commission conducted a public hearing on the site plan application, including Applicant's request <br />for a payment agreement, in the form of two Promissory Notes; and <br />WHEREAS, the public hearing was duly advertised and held as required by law, all <br />interested parties concerned with the matter were heard, and due and proper consideration was <br />given to the matter; and <br />WHEREAS, the City Commission has reviewed the terms and conditions of the Applicant's <br />Promissory Note or the payment of bonuses and hereby finds that the payment terms and <br />@BCL@40153958 Page 1 of 3 62 <br />