Reso 2026-3990 - Laserfiche WebLink

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conditions of the Promissory Note is acceptable to the City Commission and in compliance with the City's Land Development Regulations, and further finds that the terms and conditions of Applicant's Promissory Note for the FAR bonuses should be approved. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, AS FOLLOWS: Section 1. Incorporation of Recitals. The foregoing recital paragraphs are hereby ratified and confirmed as being true and the same are hereby made part of this Resolution. Section 2. Approval. The Applicant's request for the approval of the terms and conditions of the Applicant's Promissory Note for the payment of previously approved FAR bonuses for an indebtedness of $13,040,479.34, with annual interest from the execution date of the Promissory Note, at a rate of Prime plus one-half percent (0.5) per annum, with the Applicant making annual interest payments to the City until the Promissory Note is paid in full, for the approved site plan application (PZ2025-08) for the project entitled "Miami Beach Club," is hereby approved. Section 3. Authorization of City Manager. The City Manager is hereby authorized to do all things necessary to effectuate this Resolution. Section 4. Severability. If any section, subsection, sentence, clause, phrase, or portion of this Resolution is, for any reason, held invalid or unconstitutional by any Court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provisions and such holding shall not affect the validity of the remaining potions of this Resolution. Section 5. Repealer. All Resolutions or parts of Resolutions in conflict herewith shall be and are hereby repealed. Section 6. Effective Date. This Resolution shall become effective upon adoption. PASSED AND ADOPTED this 191h day of March, 2026. td1w , Mauricio Betaricur, CIVIC, City Clerk AI in E. Boileau for Nabors, Giblin & Nickerson, P.A., City Attorney @BCL@40153958'.Page 2 of 3 63