Reso 2026-3990 - Laserfiche WebLink

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City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3113 Fax MEMORANDUM TO: Honorable Mayor and City Commissioners VIA: Stan Morris, City Manager FROM: Amy Canales, Planning and Zoning Director DATE: March 19, 2026 RE: Terms and Conditions of the FAR Bonuses Promissory Note for the Miami Beach Club Development Project RECOMMENDATION: This application is consistent with the City's Land Development Regulations. REASONS: The Applicant, M B RE Investments, LLC, is requesting approval of the payment agreement terms for the purchase of Transferable Development Rights (TDRs) and Floor Area Ratio (FAR) development bonuses associated with the Miami Beach Club development project. On February 19, 2026, the City Commission approved the project site plan and authorized the Applicant's use of payment agreements for the TDR purchase and FAR development bonuses. As a condition of that approval, the Applicant is required to enter into two separate payment agreements —one for the TDR purchase and one for the FAR development bonuses. The proposed agreements are structured as Promissory Notes and are attached for review. The following summarizes the key terms of the notes: • The amount due for FAR development bonuses is $13,040,479.34 and the amount due for the purchase of TDRs is $13,609,370.25, together with interest on each unpaid principal balance, at the rate of Prime plus one-half percent (0.5) per annum. • Interest on the note will change with each change in the prime rate published in the Wall Street Journal. • The Applicant shall pay annual interest payments on the principal amount. • The principal amount and accrued interest shall be due and payable no later than ninety (90) days following the issuance of a Temporary Certificate of Occupancy (TCO) for any unit or area within Item Number: 9.A 60