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<br />Summary Minutes: Special City Commission Meeting <br /> <br />October 4, 2011 <br /> <br />Sunny Isles Beach, Florida <br /> <br />with a broker to sell it, who knows how many offers you may get. The City did this deal with <br />these people and it is not a question of ability vs. non-ability, it is a question of risk on the <br />City's part, the City getting paid today versus maybe in years to come, and if you are talking <br />about interest, you can take that $7 Million and put it in the bank and get interest on it yourself <br />which would lead to the same numbers at the end of the day. As far as his ability, we all <br />know there was no new construction in 2008 and 2009, there was absolutely no ability to get <br />financing at the time, since we did pay offin 2011, $475 Million of construction financing, he <br />does have the ability to go out and get more construction financing from banks today but he <br />doesn't think they will need that since this is a small building. The massive structure Mr. <br />Weintraub showed, although he doesn't know where he got the information from, the building <br />itself will be the same building that he or whoever can build because it is part of the Zoning <br />Code and nobody is getting anything different than the Zoning Code, and he doesn't know <br />where he got the 280,000 square foot numbers. What you are looking at as far as the building <br />goes, the structure that is going to be there will be all the same thing. If you are looking at <br />that, it was because we were also trying to acquire this site next door and we were doing an all <br />encompassing situation from the folks at Golden Strand. Mr. Dezer said he is the one that <br />bought the last fractured condo which is the Solice project to help clean up the City and they <br />are closing on that in the next 90 to 120 days and that is the next project that they will be <br />bringing to fruition here in the City and completing another mess that happened with a <br />developer who thought he could use his own funds to build buildings. <br /> <br />Former City Commissioner Gerry Goodman said he doesn't like the idea of the City being in <br />business, he doesn't like the idea of a 25-year lease. Once the condos are sold, are they going <br />to pay the City then or let the lease run for 25 years, he foresees problems down the line. He <br />doesn't think the City should be in the real estate business. <br /> <br />City Clerk Hines read the title of the Resolution, and Mayor Edelcup asked for a motion and <br />Commissioner Scholl moved, and upon not getting a second, Mayor Edelcup seconded the <br />motion in order to get a vote. <br /> <br />Commissioner Scholl moved and Mayor Edelcup seconded a motion to approve the <br />resolution. The motion failed by a roll-call vote of 4-1 opposed (Commissioner Scholl in <br />favor). <br />Vote: <br /> <br />Commissioner Aelion <br />Commissioner Gatto <br />Commissioner Scholl <br />Vice Mayor Thaler <br />Mayor Edelcup <br /> <br />no <br /> <br />no <br /> <br />yes <br />no <br />no <br /> <br />City Attorney Ottinot said procedurally that we need a motion to rescind Resolution No. <br />2011-1776 adopted on September 15, 2011 approving the revised updated Letter ofIntent, it is <br />a non-binding Letter ofIntent but it has a non-negotiation clause and so we need a motion to <br />rescind that Resolution. [City Clerk's Note: Subsequently Resolution No. 20I I -I 750 adopted <br />on July 21, 2011 was also rescinded.) <br /> <br />9 <br />