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WHEREAS, the City wishes to approve the Letter Agreement, attached hereto as Exhibit <br />"A ", and approve the Promissory Note in favor of the City for Six Million Seven Hundred Four <br />Thousand One Hundred Dollars ($6,704,100.00), attached hereto as Exhibit `B ". <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Approval of Letter Agreement and Promissory Note. The Letter Agreement for <br />Extension of Payments for Transfer of Development Rights and Bonus Payments, attached hereto <br />as Exhibit "A ", and the Promissory Note with LPLA Partners, LP, attached hereto as Exhibit `B" <br />be and the same, are hereby approved. <br />Section 2. Authorization of City Manager. The City Manager is hereby authorized to do all <br />things necessary to effectuate this Resolution. <br />Section 3. Effective Date. This Resolution shall become effective upon adoption. <br />PASSED AND ADOPTED this 215+ day of C.uST 2012. <br />ATTEST: <br /><:::� k L',,- J <br />Jane A. Hines, City Clerk <br />APPR �(�AS TO FORM <br />ANI2 LE WFFICIENCY: <br />City Attorney <br />Orman S. Edelcup, ayor <br />Moved by: S C. "t L.L. <br />Seconded by: )4;c4 r - 7%41k-Lf. a-- <br />