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RESOLUTION NO.2012 -_Lq5;?, <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, APPROVING A LETTER <br />AGREEMENT BETWEEN THE CITY OF SUNNY ISLES BEACH <br />AND LPLA PARTNERS, LP FOR EXTENSION OF PAYMENTS <br />FOR TRANSFER OF DEVELOPMENT RIGHTS AND BONUS <br />PAYMENTS, ATTACHED HERETO AS EXHIBIT "A ", <br />FURTHER, APPROVING A PROMISSORY NOTE IN FAVOR OF <br />THE CITY FOR SIX MILLION SEVEN HUNDRED FOUR <br />THOUSAND ONE HUNDRED DOLLARS ($6,704,100.00) <br />ATTACHED HERETO AS EXHIBIT "B "; PROVIDING THE <br />CITY MANAGER TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br />EFFECTIVE DATE. <br />WHEREAS, the City of Sunny Isles Beach ( "City ") and LPLA Partners, LP ( "LPLA <br />Partners ") recently entered into a Letter Agreement for Extension of Payments for Transfer of <br />Development Rights and Bonus Payments; and <br />WHEREAS, said Letter Agreement was entered into pursuant to Ordinance No. 2012- <br />389, adopted on July 19, 2012, regarding the extension of time to make required payments for <br />development rights purchased under Transfer of Development Rights ( "TDRs ") and Bonus <br />programs in accordance with Zoning Resolution No. 11 -Z -124, adopted on December 22, 2011; <br />and <br />WHEREAS, the City has agreed to provide LPLA Partners with a Thirty Three (33) <br />month ( "Term ") extension for TDRs and bonus payments in the amount of Six Million Seven <br />Hundred Four Thousand One Hundred Dollars ($6,704,100.00), commencing upon the issuance <br />of a building permit for the project commonly known as "Mansions of Acqualina ", approved <br />under Zoning Resolution No. 11 -Z -124; and <br />WHEREAS, LPLA Partners has agreed to (1) principal in the amount of $6,704,100.00 <br />unless reduced by payments shall be due at the end of the Term; (2) the principal amount shall be <br />subject to an annual interest rate of Five Percent (5 %); (3) interest payments shall be made to the <br />City on a quarterly basis; and (4) principal payment of $150,000 shall be made to the City upon <br />the closing of any condominium unit, notwithstanding if the Term has expired; and <br />WHEREAS, LPLA Partners shall receive an automatic Ninety (90) days ( "Penalty <br />Period ") extension of the Term subject to a Twelve Percent (12 %) annual interest rate during the <br />Penalty Period until the principal balance is paid in full, with the City retaining the right to <br />revoke any building permits issued to "Mansion of Acqualina" if LPLA Partners or their <br />assignees fail to make the required payments under the Letter Agreement and Promissory Note <br />attached hereto; and <br />