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Summary Minutes:Special City Commission Meeting August 21,2012 Sunny Isles Beach,Florida <br /> [City Clerk's Note: Item 6A was heard before Item 5A.J <br /> 5. RESOLUTIONS <br /> 5A. A Resolution of the City Commission of the City of Sunny Isles Beach,Florida,Authorizing <br /> the Transfer of Development Rights("TDRs")in the Amount of 94,680 Square Feet of <br /> Floor Area and 45 Units to Towne Center Development Properties,LLC et al.for the <br /> Property Located at 290-330 Sunny Isles Boulevard from the City's TDR Bank <br /> Account; Directing the Zoning Administrator or Designee to Transfer the TDRs from the <br /> City's Bank Account in Accordance with Zoning Resolution No. ;Authorizing the <br /> Adjustment and Modification of the City's TDR Bank;Authorizing the City Manager to Do <br /> All Things Necessary to Effectuate this Resolution; Providing for an Effective Date. <br /> Action: Deferred at the Applicant's request to October 18, 2012. <br /> Commissioner Scholl moved and Commissioner Aelion seconded a motion to defer this <br /> item to October 18,2012 at 6:30 p.m. The motion was approved by a voice vote of 5-0 <br /> in favor. <br /> 5B. A Resolution of the City Commission of the City of Sunny Isles Beach,Florida,Approving <br /> a Letter Agreement between the City of Sunny Isles Beach and LPLA Partners,LP for <br /> Extension of Payments for Transfer of Development Rights and Bonus Payments, <br /> Attached Hereto as Exhibit "A", Further, Approving a Promissory Note in Favor of the <br /> City for$6,704,100.00,Attached Hereto as Exhibit`B";Providing the City Manager to Do <br /> All Things Necessary to Effectuate this Resolution; Providing for an Effective Date. <br /> Action: [City Clerk's Note: Additional Information was distributed prior to the meeting <br /> from Assistant City Manager/Finance Minal Shah.] City Clerk Hines read the title,and City <br /> Attorney Ottinot said this is Mansions of Acqualina and the City has agreed to provide a 33- <br /> month extension of payments for TDRs and Bonus. The term of extension will commence <br /> on the date that they are issued a building permit. There are some conditions:LPLA Partners <br /> will pay the principal amount of$6,704,100 unless reduced by payments, by the end of the <br /> term;the principal amount shall be subject to an annual interest rate of 5%;interest payments <br /> shall be made on a quarterly basis, and the principal payment of$150,000 shall be made to <br /> the City upon the closing of any condominium unit. Assistant City Manager/Finance Minal <br /> Shah said this would produce an annual interest income of$335,000. <br /> Public Speakers: None <br /> Mayor Edelcup noted that there is another extension if there is 90 days at the end, and that <br /> the interest rate goes to 12%for whatever principal is then outstanding. Vice Mayor Thaler <br /> asked about the update/memo received from Ms. Shah,and City Attorney Ottinot said under <br /> the Ordinance that we initially adopted, it requires a recommendation from the Finance <br /> Director. City Attorney Ottinot said the update is the Finance Director's recommendation, <br /> and the terms have not changed. He has spoken to their attorney about some minor revisions <br /> with the promissory note. <br /> Commissioner Scholl said just to be clear,do we have a right to hold up the sale because we <br /> 3 <br />