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<br /> <br />City Commission <br /> <br />Norman S. Edelcup <br />Mayor <br /> <br />Lewis J. Thaler <br />Vice Mayor <br /> <br />Roslyn Brezin <br />Commissioner <br /> <br />Gerry Goodman <br />Commissioner <br /> <br />George "Bud" Scholl <br />Commissioner <br /> <br />A. John Szerlag <br />City Manager <br /> <br />Hans Ottinot <br />City Attorney <br /> <br />Jane A. Hines <br />City Clerk <br /> <br />October 30, 2008 <br /> <br />Mr. Daniel Tantleff <br />Portfolio Director <br />Solis Resort, Spa & Residences <br />15701 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />Re: <br /> <br />Extension of TDR Payments for the Solis Resort, Spa & Residences <br />Development Proiect <br /> <br />Dear Mr. Tantleff: <br /> <br />As you know, the balance of TDR payments for the above referenced project, <br />including all interest payments, is due to the City on or before December 31, <br />2008. This amount comes to One Million Eight Hundred Fifty-Four Thousand <br />Five Hundred Twenty-Three Dollars and Eighty Cents ($1 ,854,523.80). You are <br />now requesting relief from this timetable because of difficulty in obtaining <br />financing. <br /> <br />As we discussed, I am going to request that the City Commission approve a <br />revised payment schedule which will remit to the City of Sunny Isles Beach all <br />monies due, plus interest, by September 15, 2009. Thus, payments made will be a <br />combination of principal and interest at the rate 8Y:2 % on the unpaid balance. The <br />mechanics of this extension follow: <br /> <br />1. Three Hundred Forty-Eight Thousand Nine Hundred Thirty-Five <br />Dollars and Sixty-Four Cents ($348,935.64) will be due to the City of <br />Sunny Isles Beach on December 15, 2008. This payment represents the <br />equivalent of two monthly payments that will cover November and <br />December, 2008. This payment only will be granted a 20 day grace <br />period. <br /> <br />2. Subsequent to the above payment, monthly payments in the amount of <br />One Hundred Seventy-Four Thousand Four Hundred Sixty-Seven <br />Dollars and Eighty-Two Cents ($174,467.82) will then become due on <br />or before the 15th of each month. January thru September, 2009. A <br />complete payment table is indicated below. <br /> <br />Exhibit "A" <br /> <br />Tantleff - Extension of TOR for Solis Resort - Lt. <br />