Reso 2018-2882 - Laserfiche WebLink

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Under the Zoning Resolution, the Developer is required to pay the outstanding balance of TDRs and Bonus payments upon the issuance - of a below or master grade building permit for the Project. Due to market conditions, the Developer has filed a request with the City to extend the time to pay the balance for TDRs and Bonus payments. Through many months of negotiations with the Mayor and Staff, the Developer has agreed to make the payments under the following terms: (1) Developer has agreed to execute two Promissory Notes relating to the issuance of a below grade or master building permit for the South and North Towers of the Project; (2) Under the Promissory Note referred to as Promissory Note for the South Tower ("South Tower Note"), the Developer agrees to pay to the City the sum of $11,065,271.00 within 9-months of the issuance of the Temporary Certificate of Occupancy (TCO) or Certificate of Occupancy(CO)for the South Tower of the Project. (3) Under the South Tower Note, the Developer is required to pay interest at the rate of Prime plus half percent (0.5%) for the unpaid principal balance. The Developer is also required to pay quarterly interest payments to the City. (4) Principal payments are required under South Tower Note if the Developer is able to sell units within the South Tower. Principal payment in the amount of $78,527.00 per unit is required on a quarterly basis if units are sold until payment of principle in full. (5) Under the Promissory Note referred to as Promissory Note for the North Tower ("North Tower Note"), the Developer agrees to pay to the City the sum of $6,781,940.86 within six (6) years or Seventy Two (72) months of issuance of a below grade or master building permit for the South Tower of the Project. The Developer is required to pull the master building permit for the North Tower within (3) years of issuance of building permit for the South Tower. (6) Under the North Tower Note, Developer is required to pay the same interest as set forth in the South Tower Note for unpaid principal balance. Interest will not accrue on the unpaid principal until either a master permit is pulled for the North Tower or within three (3) years of issuance of the below grade or master building permit is pulled for the South Tower, whichever comes first. (7) Principal payments are required under the North Tower Note if the Developer is able to sell units within the North Tower. Principal payment in the amount of $80,216.50 per unit is required on a quarterly basis if the units are sold until payment of principle in full. If the Developer is not able to comply with the terms and conditions of the Promissory Notes, the City has the absolute right to revoke the building permit issued to the Developer and enforce the terms of the Promissory Notes. It is important to note that the City Commission has 291