Reso 2012-1952 - Laserfiche WebLink

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SvNNY /S4FJ' City of Sunny Isles Beach ° F 18070 Collins Avenue _ Sunny Isles Beach, Florida 33160 * (305) 947 -0606 City Hall * - (305) 949-3 1 13 Fax � * ��oP SAP (305) 947 -2150 Building Department y� F o S OF SUN ( ) o 305 947 -5107 Fax MEMORANDUM TO: Honorable Mayor and City Commission FROM: Hans Ottinot, City Attorne DATE: August 21, 2012 City Commission Norman S. Edelcup, Mayor Lewis J. Thaler, Vice Mayor Isaac Aelion, Commissioner Jeanette Gatto, Commissioner George "Bud" Scholl, Commissioner Fred A. Maas, Acting City Manager Hans Ottinot, City Attorney Jane A. Hines, CMC, City Clerk RE: Approving Extension of Payments for Transfer of Development Rights and Bonus Payments and Promissory Note RECOMMENDATION This Resolution is presented for your consideration. 1.7 MT6" Based on the recommendation of the Finance Director, the City of Sunny Isles Beach ( "City ") and LPLA Partners, LP ( "LPLA Partners ") recently entered into a Letter Agreement for Extension of Payments for Transfer of Development Rights and Bonus Payments, a copy of which is attached hereto. The Letter Agreement was entered into pursuant to Ordinance No. 2012 -389, adopted on July 19, 2012, regarding the extension of time to make required payments for development rights purchased under Transfer of Development Rights ( "TDRs ") and Bonus programs in accordance with Zoning Resolution No. 11 -Z -124, adopted on December 22, 2011. These payments are due upon the issuance of a building permit. The City has agreed to provide LPLA Partners with a Thirty Three (33) month ( "Term ") extension for TDRs and bonus payments in the amount of Six Million Seven Hundred Four Thousand One Hundred Dollars ($6,704,100.00). The term of extension shall commence upon the issuance of a building permit for the project commonly known as "Mansions of Acqualina ", approved under Zoning Resolution No. 11 -Z -124. LPLA Partners agrees, pursuant to the Promissory Note, to the following terms and conditions: 1. Principal in the amount of $6,704,100.00 unless reduced by payments shall be due at the end of the Term; 2. the principal amount shall be subject to an annual interest rate of Five Percent (5 %); 3. interest payments shall be made to the City on a quarterly basis; and 4. principal payment of $150,000 shall be made to the City upon the closing of any condominium unit, notwithstanding if the Term has expired. LPLA Partners shall receive an automatic Ninety (90) days ( "Penalty Period ") extension of the Term subject to a Twelve Percent (12 %) annual interest rate during the Penalty Period until the principal balance is paid in full. However, the City retains the right to revoke any building permits issued to "Mansion of Acqualina" pursuant to Zoning Resolution No. 11 -Z -124 if LPLA Partners or their assignees fail to make the required payments under the Letter Agreement and Promissory Note attached hereto. Agenda Item S Date q'2l' I z