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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 TRANSFERABLE DEVELOPMENT RIGHTS (TDRs) IN THE <br />AMOUNT OF THIRTEEN MILLION SIX HUNDRED NINE THOUSAND THREE <br />HUNDRED SEVENTY DOLLARS AND TWENTY-FIVE CENTS ($13,609,370.25), FOR <br />THE APPROVED SITE PLAN APPLICATION (PZ2025-08) SUBMITTED BY MB RE <br />INVESTMENTS, LLC, FOR THE PROJECT ENTITLED -MIAMI BEACH CLUB" <br />CONSISTING OF A SIXTY-TWO (62) STORY RESIDENTIAL CONDOMINIUM TOWER <br />WITH 524,212.8 SQUARE FEET OF FLOOR AREA, INCLUDING A 2,390 SQUARE <br />FOOT PRIVATE RESTAURANT, AND 145 RESIDENTIAL DWELLING UNITS; <br />PROVIDING THE CITY MANAGER WITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR SEVERABILITY; <br />PROVIDING FOR REPEALER; PROVIDING FOR AN 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 TDRs is for an indebtedness of <br />$13,609,370.25, together with annual interest accruing from the issuance of the below grade or <br />master building permit, whichever occurs first, at a rate of Prime plus one-half percent (0.5) per <br />annum, with the Applicant making annual interest payments to the City until the Promissory Note <br />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 TDRs; 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 for the payment of City's TDRs and hereby finds that the payment terms and <br />@BCL@48163A5B Page 1 of 3 70 <br />