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<br />.. <br /> <br />RESOLUTION NO. 2010..:l.S3S <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, APPROVING A TEN (10) <br />YEAR EXTENSION FOR THE USEFUL LIFE OF <br />DEVELOPMENT RIGHTS OWNED BY SUNNY ISLES <br />PROPERTY HOLDINGS, LLC PROVIDING THAT REQUIRED <br />ANNUAL PAYMENTS ARE MADE TO PRESERVE SUCH <br />RIGHTS; PROVIDING THE CITY MANAGER WITH THE <br />AUTHORITY TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br />EFFECTIVE DATE. <br /> <br />WHEREAS, by Resolution No. 2009-1398, adopted March 19, 2009, the City <br />Commission adopted a formal policy to permit the extension of useful life of developments rights <br />provided that annual payments are made to the City; and <br /> <br />WHEREAS, the City has the authority to terminate the useful life of development rights <br />under the extension program for failure to pay the annual extension fee and no vested rights are <br />created by such extension of useful life of development rights; and <br /> <br />WHEREAS, the City Commission wishes to grant the extension requested by Sunny <br />Isles Property Holdings, LLC based on payment of the initial annual fee. <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. Incorporation of Recitals. All recitals are incorporated into the body of this <br />Resolution as if same were fully set forth herein. <br /> <br />Section 2. Approval of Extension. The City Commission hereby approves an extension up to <br />ten (10) years for the useful life of development rights owned by Sunny Isles Property Holdings, <br />LLC provided that annual extension fee is paid on a timely basis. <br /> <br />Section 3. Authority of the City Manager. The City Manager has the authority to do all things <br />necessary to effectuate this Resolution. <br /> <br />Section 4. <br /> <br />Effective Date. This Resolution shall become effective upon adoption. <br /> <br />PASSED AND ADOPTED this 18th day of February 2010. <br /> <br />Page I of2 <br /> <br />