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<br />e:;. Bilzin Sumberg <br />ATT ORNEYS AT l.AW <br /> <br />~ <br />~ <br />, <br />1 <br /> <br />Brian S. Adler, Esq. <br />Tel 305,350,2351 <br />Fax 305.351.2206 <br />badler@bilzln,com <br /> <br />May 31,2007 <br /> <br />~, <br />-j <br /> <br />VIA E-MAIL <br /> <br />Hans Ottinot, City Attorney <br />City of Sunny Isles Beach <br />18070 Collins Avenue, 4th FL <br />Sunny Isles Beach, FL 33160 <br /> <br />" ""..R(!: , ,Reg~li~: 1~50!5C()lIjns Avenue, Sunny Isles Beach! Floridll ("Property") <br /> <br />Dear Mr. Ottino!: <br /> <br />LETTER OF UNDERSTANDING <br /> <br />: <br /> <br />This firm represents Regalia, LLC ("Regalia"). Pursuant to your conversation yesterday <br />with Stanley Price, please allow this letter to confirm our client's proposal regarding the <br />proposed building permit for the development known as the Regalia Project. <br /> <br />j <br /> <br />Pursuant to City of Sunny Isles Beach Resolution No. 06-2-102, the City granted a <br />modification to a previously approved site plan for the Property, As part of the original approval <br />for the development of the Property, the City adopted Resolution No. 03-2-75, which granted <br />preliminary approval for the transfer of 54,385 square feet of Transferable Development Rights <br />("TORs") from the City of Sunny Isles Beach at the total price of $4,500,206,86. In accordance <br />with Resolution 2006-891, Regalia Is required to pay the total price for the TDRs at the time of <br />pulling the building permit. <br /> <br />Regalia is in the process of pulling a building permit for the Regalia development. As <br />part of negotiated agreement with the City, Regalia has agreed to pay for 38,847 square feet of <br />TDRs at the time of pulling the building permit as this is the actual amount of TDRs being <br />utilized as part of the development of the Property. Regalia further agrees to pay the remaining <br />15,538 square feet of TDRs prior to October 1, 2008 or prior to the issuance of a TCO or final <br />CO on the property, whichever comes first. The price for remaining TDRS Is determined by the <br />City to be $1,285,614.12. From the date of issuance of the building permit, the outstanding <br />payment shall accrue interest at an annual percentage rate of 7% per annum. <br /> <br />Additionally, Regalia, LLC will work with the City to reserve an easement, If feasible, and <br />if not in violation of other agreements to which Regalia, LLC or its related entities is a party, for <br />the location of Wi-Fi services for the City. The terms of any such easement would be set forth <br /> <br />" <br /> <br />MIAMI 1338841.77442013896 <br />BILZIN SUMBERG BAENA PRICE & AXELROD LLP <br />200 S, Blscayne Boulevard, Sulle 2500, Miami, FL 33131 .5340 T.1305,374,7580 Fax 305.374.7593 <br /> <br />W\\lw.bilzin.com <br />