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per annum, with the Applicant making quarterly interest payments to the City until the <br />Promissory Note is paid in full; and <br />WHEREAS, La Playa 2, LLC is seeking the City Commission's approval of the terms and <br />conditions for Applicant's Promissory Note; and <br />WHEREAS, the City Commission has reviewed the terms and conditions of La Playa 2, LLC's <br />Promissory Note for the payment of bonuses and hereby finds that the payment terms and <br />conditions of the Promissory Note is acceptable to the City Commission and in compliance with <br />the City's Land Development Regulations, and further finds that the terms and conditions of La <br />Playa 2, LLC's Promissory Note should be approved. <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. Approval. La Playa 2, LLC's request for the approval of the terms and conditions <br />of its Promissory Note for the payment of previously approved FAR bonuses for an indebtedness <br />of $5,949,579.00, together with annual interest from the execution date of the Promissory Note, <br />at a rate of Prime plus one-half percent (0.5) per annum, with La Playa 2, LLC making quarterly <br />interest payments to the City until the Promissory Note is paid in full, for the for the Phase II <br />(North Tower) portion of the approved site plan application (PZ2015-16), is hereby 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are hereby repealed.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. Effective Date. This Resolution shall become effegfive upon adoption. <br />PASSED AND ADOPTED this 19th day of P) larch, 206. <br />Larisa Svechin, Mayor <br />@BCL@8814EDF7 Page 2 of 3 <br />102 <br />