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.'• -`.� :-'4 -. z g � YCfl ®F sUNNYs`ISLES BE i t , <br /> - 6 � .- �. 18070 CollinssAvenue � ' ;-�� <br /> ';i-.- -- "' �, �; i' a �. --t. ." r r" 1;itUni� Isles each;FL-33s1r60ttiz L'' -." , - g k--IY l te. ,= ' <br /> tom- Z:. :'- s fi -;,, ...st '=-, i� "` yep ,..-, r '- �, �^- <br /> .. z.. �' �:_. '£ .- 3059 7t5' 'z'3F4,:: .. .`:. ris-,,..lign;a l1•1. aFYriv-R: a:, 'x ','. 4z �£ g >5... -..- s 3:, w �$raf` z 11: x -.� e-s-.. .. �x .d ,.y. .4. 'r 1,e£ §'t. -, 4L:•,4 I II]I" @t� ,°�- - i fr..:.i <br /> s n <br /> i <br /> City Commission <br /> March 27,20I8 l4,1.,9rl�••r1.0- w<-` <br /> r or suss <br /> Via Fax and U.S.Mail <br /> George"Bud"Scholl <br /> Mayor NDPRE#14, LLC <br /> Dana Goldman c/o MMG Equity Partners LLC <br /> Vice Mayor <br /> Attention: Mr. Gabriel Navarro <br /> Isaac Aelion 9171 S Dixie.Ui hwa <br /> Commissioner g y <br /> Jeanette Gatto Pinecrest, Florida 33156 <br /> Commissioner <br /> Lorisa Svechin RE: NON-BINDING LETTER OF INTENT FOR THE DONATION <br /> Commissioner OF PROPERTY LOCATED AT 18500 COLLINS AVENUE, <br /> SUNNY ISLES BEACH,FLORIDA 33160 <br /> Christopher J.Russo Folio No. 31-2202-006-0060 <br /> City Manager <br /> Dear Mr. Navarro: <br /> Hans Ottinot <br /> City Attorney <br /> As a follow-up to our recent conversation about your interest in donating the above-referenced <br /> Mauricio Betancur property for park purposes to the City of Sunny Isles Beach ("City"),this Letter of Intent("LOI") <br /> City Clerk,CMC <br /> sets forth the general terms and conditions under which the City ("City")will accept the donation <br /> of real propertylocated at 18500 Collins Avenue, Sunny Isles Beach("Navarro Property") from <br /> NDPRE#14, LLC ("Owner") in exchange for Transfer of Development Rights("TDRs"). This <br /> LOl is non-binding and its purpose is to facilitate the negotiations for the donation ofthe Property <br /> in exchange for TDRs. <br /> We request that the Owner refrain from placing the Property on the market to allow the parties to <br /> negotiate a TDR Agreement("Agreement")which will finalize the donation of fee simple title of <br /> the Property to the City in exchange for TDRs.The following are proposed terms and conditions: <br /> Property: 18500 Collins Avenue, Sunny Isles Beach, Florida 33160 with <br /> Folio No.31-2202-006-0060. <br /> Donation of Property: Owner shall dedicate and transfer fee simple interest of the <br /> Navarro Property via a Warranty Deed to the City at a mutually <br /> agreeable closing date. <br /> Sale of TDRs: The City shall be responsible for selling all of the Navarro's TDRs <br /> on behalf of the Owner before selling its own TDRs. The City <br /> shall sell all of the TDRs ata Guaranteed Maximum Price of$125 <br /> per square feet("Guaranteed Maximum Price").The Guaranteed <br /> Maximum Price shall not be impacted by any fluctuation in the <br /> price of the TDRs. The sale of all or part of the 126,615 square <br /> feet of floor area and 56 dwelling units shall occur no later than <br /> December 3 I, 2021 except the time period for the sale of the <br /> TDRs which may be extended as provided below. <br />