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WHEREAS, the City Commission wishes to approve the transfer of TDRs from La Playa <br />Beach Associates, LLC to La Playa 2, LLC, in the amount of One Hundred Thirty -Seven Thousand <br />Nine Hundred Seventy -Seven and Twenty -Six Hundredths (137,977.26) square feet of floor area <br />and Fifty -Eight (58) dwelling units, representing a TDR value of Seventeen Million Two Hundred <br />Forty -Seven Thousand One Hundred Fifty -Eight Dollars and No Cents ($17,247,158.00); and <br />WHEREAS, pursuant to Section 265-11(M) and Section 265-23.G.(1)(d) of the City of <br />Sunny Isles Beach Land Development Regulations, La Playa 2, LLC shall be required to provide to <br />City a Promissory Note for the payment of the TDRs, not paid -in kind, over a period of time and <br />on terms and conditions approved by the City Commission, in the amount of Seventeen Million <br />Two Hundred Forty -Seven Thousand One Hundred Fifty -Eight Dollars and No Cents <br />($17,247,158.00); <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, AS FOLLOWS: <br />Section 1. Incorporation of Recitals. The foregoing recital paragraphs are hereby ratified and <br />confirmed as being true and the same are hereby made part of this Resolution. <br />Section 2. Authorizing the Transfer of TDRs. The City Commission hereby authorizes the <br />transfer of TDRs from La Playa Beach Associates, LLC to La Playa 2, LLC, in the amount of One <br />Hundred Thirty -Seven Thousand Nine Hundred Seventy -Seven and Twenty -Six Hundredths <br />(137,977.26) square feet of floor area and Fifty -Eight (58) dwelling units, representing a TDR value <br />of Seventeen Million Two Hundred Forty -Seven Thousand One Hundred Fifty -Eight Dollars and <br />No Cents ($17,247,158.00). <br />Section 3. Requiring Promissory Note. La Playa 2, LLC shall provide the City with a Promissory <br />Note for the payment of TDRs for an indebtedness of Seventeen Million Two Hundred Forty - <br />Seven Thousand One Hundred Fifty -Eight Dollars and No Cents ($17,247,158.00) on terms and <br />conditions acceptable to the City Commission. <br />Section 4. Authorization of City Manager. The City Manager is hereby authorized to do all <br />things necessary to effectuate this Resolution. <br />Section 5. Severability. If any section, subsection, sentence, clause, phrase, or portion of this <br />Resolution is, for any reason, held invalid or unconstitutional by any Court of competent <br />jurisdiction, such portion shall be deemed a separate, distinct and independent provisions and <br />such holding shall not affect the validity of the remaining potions of this Resolution. <br />Section 5. Repealer. All Resolutions or parts of Resolutions in conflict herewith shall be and <br />are hereby repealed. <br />Section 6. Effective Date. This Resolution shall become effective upon adoption. <br />@BCL@7815016D Page 2 of 3 <br />79 <br />