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Preview Page 1 of 1 <br /> of !ft e City of Sunny Isles Beach <br /> i 9 18070 Collins Avenue <br /> GI - " 2 Sunny Isles Beach, Florida 33160 <br /> > 7 i <br /> ` 'aN° ., (305)947-0606 City Hall <br /> °,s,� .�yO� (305)949-3113 Fax <br /> MEMORANDUM <br /> TO: The Honorable Mayor and City Commission <br /> FROM: Hans Ottinot, City Attorney <br /> DATE: 2/21/2013 <br /> RE: <br /> Approving Extension of Payments for Transfer of Development Rights, <br /> Bonus Payments and Promissory Note. <br /> RECOMMENDATION: <br /> The attached Resolution is recommended for approval. <br /> REASONS: <br /> The zoning approval for the Porsche Design Tower Miami project requires the developer <br /> to pay the City for the development rights purchased under the bonus density program <br /> prior to issuance of a building permit. The developer of the Project, 18555 Developers. <br /> LLC. is asking for an extension regarding the required payments. The attached <br /> Promissory note outlines the terms and the extension of time to make the required <br /> payments for development rights in accordance with Zoning Resolution No. 11-Z-123 <br /> and Resolution 12-Z-129. <br /> ATTACHMENTS: <br /> Memo from Finance Director <br /> • <br /> Attachment A <br /> Promissory Note <br /> Approval of Ext. of payments <br /> http://sibagenda.sibf.net/Agenda/Preview.aspx?ItemID=986&MeetinglD=0&Meeting Date... 2/1 5/2013 <br />