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RESOLUTION NO. 2013 2.030 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA; PROVIDING FOR AN EXTENSION OF PAYMENTS FOR DEVELOPMENT RIGHTS PURCHASED UNDER THE BONUS DENSITY PROGRAM; APPROVING A PROMISSORY NOTE IN SUBSTANTIALLY THE SAME FORM BETWEEN THE CITY OF SUNNY ISLES BEACH AND 18555 DEVELOPERS, LLC. COMMONLY CALLED THE "PORSCHE" PROJECT; PROVIDING THE CITY MANAGER AND CITY ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, by Zoning Resolution No. 12-Z-129, adopted on May 10. 2012, and Resolution 11-Z-123. adopted on November 17, 2011. the City Commission approved a site plan filed by 18555 Developers. LLC. for a project commonly called the "Porsche" Project. WHEREAS, the zoning approval for the 'Porsche" project requires the developer to pay the City the sum of 53.818,880.00 for development rights purchased under the bonus density program prior to an issuance of a building permit: and WHEREAS, the City Commission wishes to grant the developer of the project an extension of time to make the required payments. NOW THEREFORE, BE IT RESOLVED BY THE CITY CONL IISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section 1. Extension of Payment. The City Commission hereby approves the extension request submitted by the developer of the `Porsche" Project attached hereto as Exhibit "A". Section 2. Approval of Promissory Note. The City Commission hereby approves the terms and conditions reflected in the attached Promissory Note in substantially the same form attached hereto as Exhibit "B". Section 3. Authorization of the City Attorney and City Manager. The City Attorney and the City Manager are hereby authorized to do all things to effectuate the intent of this Resolution. Section 4. Effective Date. This Resolution shall become effective upon adoption. Approval of Promissory Note 18555 Developers. LLC