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Section 2. Approval. The Applicant's request for the approval of the terms and conditions of <br />the Applicant's Promissory Note for the payment of previously approved FAR bonuses for an <br />indebtedness of $5,051,904.00, with annual interest from the execution date of the Promissory <br />Notes, at a rate of Prime plus one-half percent (0.5) per annum, with the Applicant making <br />quarterly interest payments to the City until the Promissory Note is paid in full, for the for the <br />Phase I (South Tower) portion of the approved site plan application (PZ2015-16), is hereby <br />approved. <br />Section 3. Authorization of City Manager. The City Manager is hereby authorized to do all <br />things necessary to effectuate this Resolution. <br />Section 4. 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are hereby repealed.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. <br />ATTEST: <br />Effective Date. This Resolution shall become effective upon adoption. <br />Mauricio Beta <br />PASSED AND ADOPTED this 19th day of V/larch, <br />Larisa Svechin, Mayor <br />APPROVED AS TO FORM <br />AND LEGAL SUFFICIENCY: <br />r, CIVIC, City Clerk Alain E. Boileau for Nabors, Giblin <br />& Nickerson, P.A., City Attorney <br />Moved by:CDJA_ I 1aKEZ,.,_Tr9;1r_-?t4- Seconded by: W <br />Vote: / <br />Mayor Svechin ✓ (Yes) (No) <br />Vice Mayor Viscarra (Yes) (No) <br />Commissioner Joseph (Yes) (No) <br />Commissioner Lama es) (No) <br />Commissioner Stuyvesant 4/, <br />(No) <br />@BCL@78146D2F Page 2 of 2 <br />86 <br />