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<br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />City of Sunny Isles Beach <br />] 8070 Collins Avenue <br />Sunny ]sles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3 II 3 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />City Commission <br />Norman S. Edelcup, Mayor <br />Lewis J. Thaler. Vice Mayor <br />Roslyn Brezin, Commissioner <br />Gerry Goodman, Commissioner <br />George "Bud" Scholl. Commissioner <br /> <br />A. John Szerlag, City Manager <br />Hans Ottinot. City Attorney <br />Jane A. Hines, City Clerk <br /> <br />MEMORANDUM <br /> <br />December] 8, 2008 <br /> <br /> <br />The Honorable Mayor and Ity <br /> <br />A. John Szerlag, City Mana~ r <br /> <br />Third Extension of TDR Payments for Solis Resort, Spa and Residences Development <br />Project <br /> <br />RECOMMENDA TION: <br /> <br />It is recommended that the City Commission consider the attached resolution. <br /> <br />REASONS: <br /> <br />The balance of TDR payments for the above-reference project, including all interest payments, is due to <br />the City on or before December 3], 2008. This amount comes to One Million Eight Hundred Fifty-Four <br />Thousand Five Hundred Twenty-Three Dollars and Eighty Cents ($],854,523.80). Solis Development is <br />now requesting relief from this payment time schedule because of difficulty in obtaining financing. <br /> <br />Based on the foregoing, attached is a letter of agreement signed by Mr. Daniel Tantleff, Portfolio Director <br />of Solis Resort, Spa and Residences, which outlines a revised payment schedule. Please know that this <br />payment schedule is structured so that all principal and interest payments are remitted to the City of <br />Sunny Isles Beach by September 15, 2009. Payments will be made monthly and will reflect a <br />combination of principal and interest at the rate of eighty and one-half percent (8Y2%) on the unpaid <br />balance. <br /> <br />ADDITIONAL INFORMATION: <br /> <br />Approval is recommended. <br /> <br />Attachment <br /> <br />cc: Hans Ottinot, City Attorney <br />Jorge L. Vera, Assistant City Manager/Services <br />Doug Haag, Assistant City Manager/Finance <br />Daniel Tantleff, Solis Resort, Spa and Residences <br />File <br /> <br />To be completed bv Dep:lrtment He:ld To be comoleted bv Cirv Clerk's Office <br />Funding available: Approval: Agenda Item No.: (nY I ~- () <g <br />!'inanee Department City Manager 12, <br /> Cc)mlnissiotl [\fccting l)atc: <br /> <br />SolIs 3rd Extension of'[DR Payment Ltr <br />