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<br />RESOLUTION NO. 2008--i35~ <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY <br />OF SUNNY ISLES BEACH, FLORIDA, RATIFYING A <br />LETTER AGREEMENT BETWEEN THE CITY OF SUNNY <br />ISLES BEACH AND MANSIANA OCEAN RESIDENCES, LLC, <br />(COMMONLY KNOWN AS THE SOLIS DEVELOPMENT <br />PROJECT) TO EXTEND THE TIME FOR PAYMENT OF <br />TRANSFER DEVELOPMENT RIGHTS ("TDRS") BY <br />MANSIANA IN ACCORDANCE WITH THE ATTACHED <br />EXHIBIT "A"; PROVIDING THE CITY MANAGER AND CITY <br />ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, by Resolution No. 2007-1158, adopted on September 20, 2007, the City <br />Commission agreed to extend the time for payment of TDRs by Mansiana Ocean Residences <br />LLC ("Mansiana"); and <br /> <br />WHEREAS, by Resolution No. 2007-1168, adopted on October 18, 2007, the City <br />Commission approved a First Addendum to the promissory note, extending additional time to <br />Mansiana to make the required payments no later than December 31, 2007; and <br /> <br />WHEREAS, by Resolution No. 2008-1211, adopted on January 17, 2008, the City <br />Commission approved a Second Addendum to the promissory note, extending additional time to <br />Mansiana to make the required payments no later than December 31, 2008; and <br /> <br />WHEREAS, on October 30, 2008, the City and Mansiana executed a Letter Agreement <br />("Letter Agreement") extending the time for TDR payments to September 15, 2009, with <br />payments on the unpaid balance being made at the rate of 8Y2 % ; and <br /> <br />WHEREAS, the complete terms and conditions of the Letter Agreement are outlined in <br />the attached Exhibit "A". <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Ratification of Letter Agreement: The City Commission hereby ratifies and <br />approves the terms and conditions of the Letter Agreement attached hereto as Exhibit "A". <br /> <br />Section 2. Authorization of City Manager and City Attorney. The City Manager and the <br />City Attorney are hereby authorized to do all things necessary to effectuate the terms of this <br />Resolution. <br /> <br />Resolution No. 2008 - <br /> <br />Ratification of Letter i\b'Teement <br /> <br />Page 1 of 2 <br />