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yggICKW RICK SCOTT <br /> FLORIDA DEPARTMENT OF <br /> GOB C RN.OR <br /> ` ENVIRONMENTAL PROTECTION <br /> , CARLOS I OPE7-C \NTERA <br /> '"�* I I GO\f:RNOR <br /> ,;} :; MARJORY STONEMAN DOUGLAS BUILDING <br /> 3800 COMMONWEALTH BOULEVARD,MS550 IONA II IAN N. SCEVE.RSON <br /> TALLAHASSEE,FLORIDA 32399-3000 <br /> Y CUT:IRY <br /> February 18, 2015 <br /> Via email c/o HOttinot @sibfl.net <br /> Hans Ottinot, City Attorney <br /> City of Sunny Isles Beach <br /> 18070 Collins Avenue <br /> 4th Floor <br /> Sunny Isles Beach, Florida 33160 <br /> Re: Request for Grant Pay-Off—DEP Agreement No. A9033 <br /> Florida Recreation Development Assistance Program(FRDAP) Grant <br /> Declaration of Restrictions Recorded in ORB 26192, Page 1229 <br /> 500 Sunny Isles Beach Blvd., Tax Parcel ID # 31-2214-007-0210 <br /> Dear Mr. Ottinot: <br /> We are in receipt of your letter dated January 28, 2015, informing the Department of the <br /> City's intent to sell the above-referenced Property. In connection therewith, you have <br /> requested an exact pay-off amount in order to release the Property from the encumbrance <br /> of the subject FRDAP Grant Declaration of Restrictions (the "Declaration"). Pursuant to <br /> Paragraph(3)of the Declaration,the repayment of the Grant includes interest calculated at <br /> two percent (2%) over the prevailing prime rate as reported by the Federal Reserve. <br /> Our records reflect that the DEP disbursed the FRDAP Grant to the City on March 4, 2009 <br /> in the amount of$135,611.00. The prime rate, as reported by the Federal Reserve, from <br /> the period March 4, 2009 through February 12, 2015, has remained constant at 3.25% per <br /> annum,and we assume it will remain at this constant rate through February 23,2015. (See, <br /> http://www.federalreserve.gov/releases/h15/data.htm#fn3). Therefore, we calculated <br /> the accrued interest on the Grant amount at a constant rate of 5.25%per annum(two percent <br /> over the stated prime rate)from the date of disbursement. Our excel worksheet is enclosed. <br /> Al 1111.dep.stale.11.us <br />