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<br /> <br />City Commission <br />Norman S. Edeleup <br />Moyor <br /> <br />lewis J. Thaler <br />Vice Moyor <br /> <br />Isaac Aelion <br />Commissioner <br /> <br />Jeanette Gotto <br />Commissioner <br /> <br />Georlle "Bud" Scnoll <br />Commissioner <br /> <br />A10n J. Cohen <br />City Manager <br /> <br />Hons Ottinol <br />City Attorney <br /> <br />Jane A. Hines <br />City Clerk <br /> <br />March 27,2012 <br /> <br />Via E-Mail & Us Mail <br /> <br />Clifford Schulman, Esq.. <br />Weiss Serota Helfman Pastoriza Cole & Boniske <br />2525 Ponce de Leon Blvd, Suite 700 <br />Coral Gables, FL 33134 <br /> <br />Re: Revised Letter: Release of Use Restriction on Development Rights <br /> <br />Dear Mr. Schulman: <br /> <br />This letter shall confrrm the agreement between the City of Sunny Isles Beach <br />("City") and Chateau Beach, LLC ("Chateau Beach") regarding the release of a use <br />restriction for 98,996 square feet of transfer development rights ("TORs") and fifty <br />(50) units that will be assigned to the Chateau Beach. The City and Chateau Beach <br />agree to the following tenus, subject to the approval of the City Commission: <br /> <br />(I) As considemtion for deleting the use restriction, the Chateau Beach <br />agrees to pay the City the sum of$I,484,940.00 for the release of the use <br />restriction for 98,996 square feet of TORs. The released price is fifteen <br />($15) dollars per square feet. <br /> <br />(2) Chateau Beach agrees to pay the $1,484,940.00 in three (3) installment <br />payments within a two (2) year period. Within three (3) days of approval <br />of the release of the use restriction by the City Commission, Chateau <br />Beach agrees to make an initial payment of $484,940.00 to the City. <br />Within one (I) year of the aforementioned initial payment, Chateau <br />Beach shall make a payment of$500,000.00 (hereinafter referred as the <br />"Second Payment") to the City. The final payment of$500,000.00 shall <br />be due within one (1) year of the Second Payment. All payments shall <br />be made to Finance Department of the City of Sunny Isles Beach. <br /> <br />(3) During the two (2) year installment period herein, Chateau Beach may <br />use or sell for development purposes only the TORs that have been fully <br />paid for under the installment payment agreement. <br /> <br />Please confirm the foregoing agreement between the parties by executing where <br />indicated below and returning a fully executed copy for our records at your earliest <br />convenience. This agreement may be executed in counterparts, each of which taken <br /> <br />EXHIBIT "A" <br />