HomeMy WebLinkAboutReso 2026-3994RESOLUTION NO. 2026 - J 6
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 TRANSFERABLE DEVELOPMENT RIGHTS (TDRs) IN THE
AMOUNT OF FIVE MILLION TWO HUNDRED SIXTY-NINE THOUSAND NINE
HUNDRED SEVEN DOLLARS AND NO CENTS ($5,269,907.00), 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 AUTHORITYTO 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 TDRs for the Phase I (South
Tower) is for an indebtedness of $5,269,907.00, 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 City's TDRs 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@8014EF2B Page 1 of 2 93
Section 2. Approval. The Applicant's request for the approval of the terms and conditions of
the Applicant's Promissory Note for the payment of TDRs for an indebtedness of $5,269,907.00,
together with annual interest from the execution date of the Promissory Notes, 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 Notes are paid in full, for the for the Phase I (South Tower) portion
of the approved site plan application (PZ2015-16), is hereby approved.
Section 3. Authorization of City Manager. The City Manager is hereby authorized to do all
things necessary to effectuate this Resolution.
Section 4. Severability. If any section, subsection, sentence, clause, phrase, or portion of this
Resolution is, for any reason, held invalid or unconstitutional by any Court of competent
jurisdiction, such portion shall be deemed a separate, distinct and independent provisions and
such holding shall not affect the validity of the remaining potions of this Resolution.
Section 5. Repealer. All Resolutions or parts of Resolutions in conflict herewith shall be and
are hereby repealed.
Section 6. Effective Date. This Resolution shall become effective upon adoption.
PASSED AND ADOPTED this 11.
ATTEST:
A
Mauricto Betancur,ICMC, City Clerk
Larfsa Svechin, Mayor
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY:
74�Ax, A -
Alain E. Boileau for Nabors, Giblin
& Nickerson, P.A., City Attorney
Moved by:0&W"1._%1& 'J&"�5�Seconclecl by:V16;iA"g_ V,
Voter /
Mayor Svechin " Yes) (No)
Vice Mayor Viscarra Yes) (No)
Commissioner Joseph Yes) (No)
Commissioner Lama es) (No)
Commissioner Stuyvesant (Yes) (No)
@BCL@8014EF2B Page 2 of 2 94
PROMISSORY NOTE FOR SOUTH TOWER
(TDR Payment)
2026
FOR VALUE RECEIVED, LA PLAYA BEACH ASSOCIATES, LLC, a Delaware limited
liability company ("Maker"), with its principal address at 1300 Brickell Avenue, Miami,
Florida, 33131, unconditionally promises to pay to the order of CITY OF SUNNY ISLES
BEACH, a Florida municipal corporation ("Payee" or the "City"), located at 18070 Collins
Avenue, Sunny Isles, Beach, FL 33160, the principal amount of Five Million Two Hundred
Sixty -Nine Thousand Nine Hundred Seven and 00/100 Dollars ($5,269,907.00) in lawful
money of the United States of America, (the "Principal Amount"), together with interest on
the unpaid principal balance from the date of this Promissory Note ("Note"), at the rate of
Prime plus a half percent (0.5%) per annum. As used herein "Prime" refers to the rate
published in the Wall Street Journal as the prime rate. Interest on this Note will change with
each change in the prime rate so published. Interest shall be computed for the actual number
of days which have elapsed, on the basis of a 365-day year.
The Principal Amount, together with all accrued and unpaid interest hereunder, shall
be due and payable no later than ninety (90) days after the date of issuance of a Temporary
Certificate of Occupancy for any unit or area within the South Tower (hereinafter defined)
(the "South Tower Maturity Date").
Subject to the last sentence of this paragraph, interest under this Note shall begin to
accrue upon the issuance of the below grade or master building permit, whichever occurs
first, for the South Tower (the "Building Permit") for the phased project commonly known as
"La Playa Beach" approved under City Resolution Nos. 22-Z-189, 16-Z-158, and 15-Z-156
with Transfer of Development Rights ("TDRs") and consisting of the North Condominium
Tower Phase and the South Condominium Tower Phase (the "South Tower"). Thereafter,
Maker shall pay quarterly interest payments to Payee for the balance of the Principal Amount
until this Note is paid in full. Notwithstanding anything to the contrary contained in this
Note, if the Principal Amount, together with all accrued and unpaid interest thereon, is paid
in full on before that date that is ninety (90) days after the date of issuance of the Building
Permit, then Payee shall waive the payment of any interest due hereunder and no interest
shall be due and payable under this Note.
Attached hereto as Schedule I is the schedule of payments made by Maker to the City
prior to the date hereof and the remaining amount due (the "Balance Due") to be paid by
Maker to the City for the TDRs with respect to the development of the South Tower.
The Principal Amount and all accrued and unpaid interest thereon shall be due and
payable on the South Tower Maturity Date. If any payment of interest or principal payment is
not received by the Payee within five (5) days after its due date, Maker shall pay Payee a late
charge equal to five percent (5.00%) of the overdue payment. If interest or principal payment is
not received by the Payee within thirty (30) days from Payee's written notice to Maker that any
95
such payment of interest or principal payment is due and payable, the entire balance of principal
payment and accrued interest shall be due to Payee.
If this Note is not paid promptly on the South Tower Maturity Date in accordance with its
terms and is placed in the hands of an attorney for collection, Maker agrees to pay all
reasonable attorney's fees and the costs and expenses of collection of this Note incurred by
Payee.
Maker covenants and agrees that time is of the essence for payments due under this Note.
All agreements between Maker and Payee, whether now existing or subsequently
arising and whether written or oral, are expressly limited so that, in no contingency
whatsoever, whether by reason of acceleration of the South Tower Maturity Date of this Note
or otherwise, shall the amount paid or agreed to be paid to Payee pursuant to the terms of this
Note or otherwise or for the payment or performance of any covenant or obligation contained in this
Note or in any other document evidencing, securing or pertaining to the indebtedness
evidenced by this Note exceed the maximum amount permissible under applicable law. If,
from any circumstance whatsoever, fulfillment of any provision of this Note or other
document, at the time performance of such provision shall be due, shall involve exceeding
the maximum amount permissible by law, then, ipso facto, the obligation to be fulfilled shall
be reduced to the limit validly allowed by law. If Payee shall ever receive, as interest or
otherwise, an amount which would exceed the highest lawful rate of interest, such amount
which would be excessive interest shall be applied to the reduction of the principal amount
owing under this Note or on account of any other principal indebtedness of Maker to Payee and
not to the payment of interest or, if such excessive interest exceeds the unpaid balance of
principal of this Note and such other indebtedness, such excess shall be refunded to Maker.
The terms and provisions of this paragraph shall control and supersede every other provision
of all agreements between Maker and Payee.
This Note shall be prepayable, in whole or in part, at any time and from time to time
without premium or penalty at the sole option of the Maker, with the amount of the prepayment
being credited first in respect of accrued but unpaid interest and second in respect of principal.
Maker shall not be permitted to assign or transfer its rights and obligations under this
Promissory Note to a third -parry without the prior written consent of the Payee.
Maker shall be responsible for the payment of all Documentary Stamps for this Note.
No invalid provisions of this Note shall affect or impair any other provision. Maker
and each endorser, surety and guarantor acknowledge receipt of a completed copy of this Note.
MAKER AND PAYEE, EACH AFTER CONSULTATION WITH FLORIDA
COUNSEL, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY
RIGHT EACH MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE, OR THE
TRANSACTIONS OR OBLIGATIONS UNDER WHICH THIS NOTE WAS DELIVERED,
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER
Promissory Note — La Playa Associates, LLC (South Tower TDR Payment)
96
ORAL OR WRITTEN) OR ACTIONS OF ANY PARTY RELATING TO THIS NOTE.
MAKER AND PAYEE EACH ACKNOWLEDGE THAT THE PROVISIONS OF THIS
PARAGRAPH ARE A MATERIAL INDUCEMENT TO PAYEE'S ACCEPTANCE OF THIS
NOTE AND MAKER AGREEING TO TERMS OF THIS NOTE.
No amendment, modification, waiver or discharge of this Note, or any provision of this
Note, shall be valid or effective unless in writing and signed by Payee and Maker.
This Note shall be construed in accordance with the laws of the State of Florida, exclusive
of its choice of law principles, and any suit, action or proceeding arising out of or relating to
this Note must be commenced and maintained in a court of competent subject matter jurisdiction
in Miami -Dade County, Florida and Maker consents to such jurisdiction and venue and waives
all objections (including, without limitation, forum non conveniens) thereto. Maker agrees to
pay the City's reasonable attorney's fees and costs if the City has to file any legal action to
enforce the Note.
MAKER:
La Playa Beach Associates, LLC
By:
Signature
Print Name/Title
STATE OF FLORIDA )
)SS:
COUNTY OF MIAMI-DADE)
The foregoing instrument was acknowledged before me by means of ❑ physical
presence or ❑ online notarization, this day of 2026 by
of La Playa Beach Associates, LLC , a
Delaware limited liability company, on behalf of the company, who is ❑ personally known to
me or who has ❑ produced as identification.
[SEAL]
Notary Public, State of Florida, at Large
Print Name:
My Commission Expires:
(Serial number, if any)
Documentary stamps in the amount of $2,450 due on this Note are being paid directly to the
Florida Department of Revenue.
Promissory Note — La Playa Associates, LLC (South Tower TDR Payment)
97
SCHEDULE 1
Phase 1 Paid Due
TDRs $18,188,467 $12,918,560 $5,269,907
Promissory Note — La Playa Associates, LLC (South Tower TDR Payment)
98
FC tplp S
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City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305) 949-3113 Fax
MEMORANDUM
TO: Honorable Mayor and City Commissioners
VIA Stan Morris, City Manager
FROM: Amy Canales, Planning and Zoning Director
DATE: March 19, 2026
RE: Terms and Conditions of the TDRs Promissory Note for the St. Regis
Residences South Tower (Phase 1)
RECOMMENDATION:
This application is consistent with the City's Land Development Regulations.
REASONS:
The Applicant, La PLaya Beach Associates, LLC, is requesting approval of the payment agreement terms
in the form of Promissory Notes for the purchase of Transferable Development Rights (TDRs) and
development bonuses for the South Tower/Phase I of the St. Regis Residences (FKA La Playa Beach)
development project (Resolutions 15-Z-156, 2015-2497,16-Z-158, 2016-2511, 2017-2656, 22-Z-189, and
25-Z-209). The proposed Promissory Notes are attached and the following are highlights of the note
terms:
• The amount due for FAR development bonuses is $ 5,051,904.00 and the amount due for the
purchase of TDRs is $5,269,907.00, together with interest on each unpaid principal balance, at
the rate of Prime plus one-half percent (0.5) per annum.
• Interest on the note will change with each change in the prime rate published in the Wall Street
Journal.
• The Applicant shall pay quarterly interest payments on the principal amount.
• The principal amount and accrued interest shall be due and payable no later than ninety (90) days
following the issuance of a Temporary Certificate of Occupancy (TCO) for any unit or area within
the proposed St. Regis Residences (FKA La Playa Beach) development project.
Item Number: 9.E
91
• If any payment of interest or principal payment is not received by the City within five (5) days after
its due date, the Applicant shall pay the City a late charge equal to five percent (5%) of the
overdue payment.
ATTACHMENTS:
Resolution
TDR Promissory Note for St. Regis South Tower (Phase 1)
Item Number: 9.E
92