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RESOLUTION NO. 2026 - 0
<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 APPROVED FLOOR AREA RATIO (FAR) BONUSES IN THE
<br />AMOUNT OF FIVE MILLION NINE HUNDRED FORTY-NINE THOUSAND FIVE
<br />HUNDRED SEVENTY-NINE DOLLARS AND NO CENTS ($5,949,579.00), FOR THE
<br />PHASE II (NORTH TOWER) PORTION OF THE APPROVED SITE PLAN APPLICATION
<br />(PZ2015-16) SUBMITTED BY LA PLAYA BEACH ASSOCIATES, LLC, FOR THE PHASED
<br />PROJECT ENTITLED "LA PLAYA BEACH" FOR THE PROPERTY LOCATED AT 18801
<br />AND 18805 COLLINS AVENUE; PROVIDING THE CITY MANAGER WITH THE
<br />AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION;
<br />PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEALER; PROVIDING FOR AN
<br />EFFECTIVE DATE.
<br />WHEREAS, La Playa Beach Associates, LLC (the "Applicant") submitted a site plan
<br />application (PZ2015-16), to the City of Sunny Isles Beach, Florida ("City"), for the project entitled
<br />"La Playa Beach" ("Application"); and
<br />WHEREAS, pursuant to Resolution No. 15-Z-156, Resolution No.16-Z-158, and Resolution
<br />No. 22-Z-189, the City Commission approved the Applicant's site plan application (PZ2015-16)
<br />and Applicant's request for a payment agreement, in the form of a Promissory Note, for the
<br />approved FAR bonuses and City's TDRs, not paid -in kind, over a period of time and on terms
<br />approved by the City Commission; and
<br />WHEREAS, in 2025, due to the phased nature of the Project, the Property was divided
<br />into two separate folios, with a Declaration of Restrictive Covenants in Lieu of Unity of Title
<br />approved by the City and recorded in the public records, resulting in the Property being identified
<br />as located at 18801 and 18805 Collins Avenue; and
<br />WHEREAS, each of the two phases of development of the Property will be owned by
<br />separate legal entities, to wit, La Playa Beach Associates, LLC, owning the Phase I/South Tower
<br />portion of the Property, and La Playa 2, LLC, owning the Phase II/North Tower portion of the
<br />Property; and
<br />WHEREAS, pursuant to Resolution No. 2026 - , the City Commission authorized
<br />the 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), for the Phase II/North Tower portion of the Property; and
<br />WHEREAS, La Playa 2, LLC's proposed Promissory Note for FAR bonuses for the Phase II
<br />(North Tower) portion of the approved site plan application (PZ2015-16) is for an indebtedness
<br />of $5,949,579.00, together with annual interest accruing from the issuance of the below grade
<br />or master building permit, whichever occurs first, at a rate of Prime plus one-half percent (0.5)
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