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<br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <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" SchoU, Commissioner <br /> <br />Rick Conner, City Manager <br />Hans Ottinot, City Attorney <br />Jane A. Hines, CMC, City Clerk <br /> <br />MEMORANDUM <br /> <br />The Honorable City CommiSSi~\A r\ / <br />Hans Ottinot, City Attorney \M\5" <br />October 14, 2010 <br /> <br />Resolution Approving Second Amendment and Promissory Note <br /> <br />Recommendation: <br /> <br />This Resolution is presented for your consideration. <br /> <br />Reasons: <br /> <br />At the time of approval of the La Perla Condominium project, the City was provided with <br />the right to use twenty-nine (29) parking spaces within the condominium. Since the <br />construction of La Perla, the parking spaces have not been utilized effectively. Moreover, <br />the use of the parking spaces has created certain privacy problems for La Perla. As such, <br />La Perla has agreed to pay the City the sum of $200,000.00 to cancel the right to use such <br />parking spaces. <br /> <br />Upon the approval of attached Resolution, La Perla shall provide the City with an initial <br />payment of $100,000.00. La Perla has agreed to pay the remaining $100,000.00 over a <br />five (5) year period at a five percent (5%) interest rate. La Perla can pay the balance at <br />anytime with no penalties. <br />