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SONNY isle City of Sunny Isles Beach G1d Cup,rIf nn <br /> s Norman S.Edelcup,A1ayor <br /> ,° V F 18070 Collins Avenue Isaac Action,Via Mayor <br /> > Jeanette Gano,Commissioner= Sunny Isles Beach, Florida 33160 Jennifer Levin,Cammimiomr <br /> K_____! George"Bud^Scholl,Cammrrnonrr <br /> '4 (305)947-0606 Ciq•1-tall <br /> —1 r (305)949-3113 Fax Christopher J.Rtssso,GryAtanap <br /> ' F l O a`O 4,7 (305)947-2150 Building Department Hans Offing Gry Attmnry <br /> , o Jane A.Hines,Gry Clerk <br /> r� of suN '� (303)947-3107 Fax <br /> MEMORANDUM <br /> TO: The Honorable Mayor and City Commission <br /> FROM: Minal Shah, Finance Director <br /> DATE: February 21, 2013 <br /> RE: Promissory Note with 18555 Developers LLC-Porsche Design Tower <br /> 18555 Developers LLC is requesting an extension of payment for Bonus Fees due on the project for <br /> 53,818,880 and Transfer of Development Rights for S975,000 for a total of$4,793,880. The terms <br /> of the promissory note include an annual interest rate of 5%. Payment is originally due at time of <br /> issuance of the Foundation Only Permit, which is expected to be issued no later than March 2013. <br /> The extension will provide the payment to be accepted by the earlier of the date of the issuance of <br /> the Master Building Permit or December 1, 2013. <br /> Based on the terms of the promissory note and the City's current and anticipated cash flow for the <br /> next 10 months, I recommend the City enters into this promissory note. <br />