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e� epLID a4 <br />frr aF syN '"� <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947-0606 City Hall <br />(305)949-3113 Fax <br />MEMORANDUM <br />TO: Honorable Mayor and City Commissioners <br />VIA: Stan Morris, City Manager <br />FROM: Amy Canales, Planning and Zoning Director <br />DATE: March 19, 2026 <br />RE: Terms and Conditions of the FAR Bonuses Promissory Note for the St. Regis <br />Residences South Tower (Phase 1) <br />RECOMMENDATION: <br />This application is consistent with the City's Land Development Regulations. <br />REASONS: <br />The Applicant, La Playa Beach Associates, LLC, is requesting approval of the payment agreement terms <br />in the form of Promissory Notes for the purchase of Transferable Development Rights (TDRs) and <br />development bonuses for the South Tower/Phase I of the St. Regis Residences (FKA La Playa Beach) <br />development project (Resolutions 15-Z-156, 2015-2497,16-Z-158, 2016-2511, 2017-2656, 22-Z-189, and <br />25-Z-209). The proposed Promissory Notes are attached and the following are highlights of the note <br />terms: <br />• The amount due for FAR development bonuses is $ 5,051,904.00 and the amount due for the <br />purchase of TDRs is $5,269,907.00, together with interest on each unpaid principal balance, at <br />the rate of Prime plus one-half percent (0.5) per annum. <br />• Interest on the note will change with each change in the prime rate published in the Wall Street <br />Journal. <br />• The Applicant shall pay quarterly interest payments on the principal amount. <br />• The principal amount and accrued interest shall be due and payable no later than ninety (90) days <br />following the issuance of a Temporary Certificate of Occupancy (TCO) for any unit or area within <br />the proposed St. Regis Residences (FKA La Playa Beach) development project. <br />Item Number: 9.D <br />83 <br />