Reso 2026-3993 - Laserfiche WebLink

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RESOLUTION NO. 2026 - A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, APPROVING THE TERMS AND CONDITIONS OF A PROMISSORY NOTE FOR THE PAYMENT OF APPROVED FLOOR AREA RATIO (FAR) BONUSES IN THE AMOUNT OF FIVE MILLION FIFTY-ONE THOUSAND NINE HUNDRED FOUR DOLLARS AND NO CENTS ($5,051,904.00) FOR THE PHASE I (SOUTH TOWER) PORTION OF THE APPROVED SITE PLAN APPLICATION (PZ2015-16) SUBMITTED BY LA PLAYA BEACH ASSOCIATES, LLC, FOR THE PHASED PROJECT ENTITLED "LA PLAYA BEACH" FOR THE PROPERTY LOCATED AT 18801 AND 18805 COLLINS AVENUE; PROVIDING THE CITY MANAGER WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEALER; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, La Playa Beach Associates, LLC (the "Applicant") submitted a site plan application (PZ2015-16), to the City of Sunny Isles Beach, Florida ("City"), for the project entitled "La Playa Beach" ("Application"); and WHEREAS, pursuant to Resolution No. 15-Z-156, Resolution No. 16-Z-158, Resolution No. 22-Z-189, and Resolution No. 25-Z-209, the City Commission approved the Applicant's site plan application (PZ2015-16) and Applicant's request for a payment agreement, in the form of a Promissory Note, for the approved FAR bonuses and City's TDRs, not paid -in kind, over a period of time and on terms approved by the City Commission; and WHEREAS, the Applicant's proposed Promissory Note for FAR bonuses for the Phase I (South Tower) portion of the approved site plan application (PZ2015-16) is for an indebtedness of $5,051,904.00, together with annual interest accruing from the issuance of the below grade or master building permit, whichever occurs first, at a rate of Prime plus one-half percent (0.5) per annum, with the Applicant making quarterly interest payments to the City until the Promissory Note is paid in full; and WHEREAS, the Applicant is seeking the City Commission's approval of the terms and conditions for Applicant's Promissory Note; and WHEREAS, the City Commission has reviewed the terms and conditions of the Applicant's Promissory Note for the payment of bonuses and hereby finds that the payment terms and conditions of the Promissory Note is acceptable to the City Commission and in compliance with the City's Land Development Regulations, and further finds that the terms and conditions of Applicant's Promissory Note should be approved. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, AS FOLLOWS: Section 1. Incorporation of Recitals. The foregoing recital paragraphs are hereby ratified and confirmed as being true and the same are hereby made part of this Resolution. @BCL@78146D2F Page 1 of 2 85