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o� SONNY IS<Fs� City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />U - I <br />4 <br />*' (305) 947 -0606 City IIall <br />T X9.9 = aP r (305) 949 -3113 Fax <br />tie * F L 0 e� 5` (305) 947 -2150 Building Department <br />0 F s u N °' (305) 947 -5107 Fax <br />MEMORANDUM <br />TO: Honorable May and City Commission <br />FROM: Minal Shah, ssistant City Manager- Finance <br />DATE: August 21, 2012 <br />RE: Promissory Note with LPLA Partners <br />City Commission <br />Norman S. Edelcup, Mayor <br />Lewis J. Thaler, vier Alayor <br />Isaac Aelion, Commissioner <br />Jeanette Gatto, Commissioner <br />George "Bud" Scholl, Commissioner <br />Fred Maas, Acting Qy Manager <br />Hans Ottinot, Cily Allorney <br />Jane A. Hines, City Clerk <br />LPLA Partners, LP is requesting an extension of payment for Transfer of Development Rights and <br />Bonus Payments in the amount of $6,704,100. The terms of the promissory note include annual an <br />interest rate of 5 %, where the interest is paid quarterly. Principal payment is due at the end of the <br />33 month term of the agreement with exception of early principal payment of $150,000 upon the <br />closing of each condominium unit. If the outstanding principal payment is not made by the end of <br />33 months, an automatic extension of 90 days will be provided at an annual interest rate of 12 %. <br />Based on the terms of the promissory note and the City's current and anticipated cash flow for the <br />next 3 years, I recommend the City enters into this promissory note. <br />Agenda tmd�Q SIR , <br />Date S-2 —) 2- <br />