HomeMy WebLinkAboutReso 2008-1211
RESOLUTION NO. 2008-~
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF SUNNY ISLES BEACH, FLORIDA, RATIFYING THE
APPROVAL' TO AMEND RESOLUTION NO. 2007-1168 TO
EXTEND THE TIME FOR PAYMENT OF TRANSFER OF
DEVELOPMENT RIGHTS ("TDRS") BY MANSIANA OCEAN
RESIDENCES, LLC, (COMMONLY KNOWN AS THE SOLIS
DEVELOPMENT PROJECT); APPROVING THE SECOND
AMENDMENT TO PROMISSORY NOTE ATTACHED HERETO
AS EXHIBIT "A"; PROVIDING THE CITY MANAGER AND THE
CITY ATTORNEY WITH THE AUTHORITY TO DO ALL
THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, by Resolution No. 2007-1168, adopted on October 18, 2007, the City
Commission agreed to extend the time for payment of TDRs by Mansiana Ocean Residences,
LLC ("Mansiana"); and
WHEREAS, Mansiana has requested another extension of time to make the payment that
is required in accordance with the promissory note as approved pursuant to Resolution No. 2007-
1168; and
WHEREAS, the City Commission wishes to grant the request for extension of time to
make the necessary payment.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
Sectionl. Incorporation of Recitals. The foregoing recitals are true and correct are
incorporated herein by reference as if they fully set forth herein.
Section 2. Amending Resolution No. 2007-1168. The City Commission hereby amends
Resolution No. 2007-1168 to extend the deadline for payment of TDRs by Mansiana Ocean
Residences, LLC.
Section 3. Approval of the Second Amendment to Promissory Note. The City Commission
hereby approves a Second Addendum to the Promissory Note attached hereto as Exhibit "A".
Section 4. Authority of the City Manager and City Attorney, The City Manager and the City
Attorney are hereby authorized to do all things necessary to effectuate the terms of this
Agreement.
Section 5.
Effective Date. This Resolution will become effective upon adoption.
Rl008- Mansiana Extension 2nd Amendment
Page 1 of2
PASSED AND ADOPTED this 1 th day of January 2008,
(~t'~ - ~. t" (r.'
~.
'/3~;iI;::,'i:)::.",~."," ,,' .
~. ;'. .AT~ES.T:, .',
" "1,~.),......,...,,:.,. {k""L
" r~.i"" 'A'.:'..:;:., ..... .... ~
..~.:.~,~.:.-
.: JaneA. HineS,CMC, City Clerk
\"\ i'. \ . ->'~'.:: ,< -(~..:: ~
, . 1\ ' , . '-,: "i'~~::\' .
..'
Moved by:
V, ~ rA~y /1:l1rL<r.R
~SCs~L
Seconded by:
Vote: S-D
Mayor Edelcup
Vice Mayor Thaler
Commissioner Brezin
Commissioner Goodman
Commissioner Scholl
v (Yes)
t;lY es)
v J.Yes)
~Yes)
~(Yes)
_(No)
_(No)
_(No)
_(No)
_(No)
R2008- Amending Mansiana Reso 2007-1168
Page 2 of2
SECOND ADDENDUM TO PROMISSORY NOTE BETWEEN MANSIANA
OCEAN RESIDENCES. LLC. A FLORIDA LIMITED LIABILITY
COMPANY. AND THE CITY OF SUNNY ISLES BEACH
THIS SECOND ADDENDUM TO THE PROMISSORY NOTE BETWEEN MANSIANA
OCEAN RESIDENCES, LLC, A FLORIDA LIMITED LIABILITY COMPANY, (THE
"MAKER") AND THE CITY OF SUNNY ISLES BEACH, FLORIDA (THE "CITY"), attached to,
and approved by, City Resolution 2007-1158 on September 20,2007. The City and Maker hereby agree
as follows:
1. EXTENSION OF TIME The Maker agrees to pay the remaining balance of One Million Eight
Hundred Thirty-One Thousand Two Hundred Five Dollars ($1,831,205.00) plus interest no later than
December 31, 2008,
2. INTEREST RATE The remaining balance shall accrue interest at the rate of seven and a half
percent (7.5 %). This rate shall commence accruing on January 1,2008.
3. ADDENDUM CONTROLS The provisions of this Addendum shall control over any conflicting
provisions of the Promissory Note attached to, and approved by, City Resolution 2007-1158 on
September 20,2007, the First Addendum or any other written document.
r IN WITNESS WHEREOF, the parties hereto have executed this document as of the date
o ed above.
I
cI
MANSIANA OCEAN RESIDENCES, LLC, A
FLORIDA LIMITED LIABILITY COMPANY
~
.
--B~~.I~ ~
Print Name: jJ:r",\P~ \q''t'\+\~
Print Name:
ATTEST
~~IA"~
Jane Hines,~CMC; City_Clerk' "
"'-.' ",' . ",
, '
1 0'
,,, " \ \ "
1 ..
APPROVED AS TO FORM AND LEGAL
SUFFI N
'"
" ' i
. .
"\.. ..."
,'......~. J,
, i
~. .."-. t.
,~
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305) 949-3113 Fax
(305) 947-2150 Building Department
(305) 947-5107 Fax
City Commission
Norman S. Edelcup, Mayor
Lewis J. Thaler, Vice Mayor
Roslyn Brezin, Commissioner
Gerry Goodman, Commissioner
George "Bud" Scholl, Commissioner
A. John Szerlag, City Manager
Hans Ottinot, City Attorney
Jane A. Hines, City Clerk
December 27,2007
Mr. Daniel Tantleff
Portfolio Director
Solis Resort, Spa & Residences
15701 Collins Avenue
Sunny Isles Beach, FL 33160
Re: Extension of TDR Payments for the Solis Resort, Spa & Residences Development
Project
Dear Mr. Tantleff:
As you know, the balance of TDR payments for the above referenced project, including all
interest payments, is due to the City by December 31, 2007, This amount comes to Two Million
Three Hundred Seventy-Four Thousand Four Hundred Forty-Three Dollars ($2,374,443.00).
You are now requesting to make a partial payment on January 2, 2008 with the balance to be
paid by January 31, 2008.
Please know that I am going to grant this extension and ask the City Commission to ratify this
decision at the January 17, 2008 City Commission meeting. As agreed, the conditions of this
extension follow:
1. On or before January 2, 2008 you will wire the City of Sunny Isles Beach Five Hundred
Eighty-Five Thousand Fifty-Seven Dollars ($585,057.00), This payment represents the
following:
a. Five Hundred Thousand Dollars ($500,000.00) toward the transfer of
development rights payment.
b. Fifty-Five Thousand Fifty-Seven Dollars ($55,057.00) which represents interest at
the rate of 6.375% owed as of January 2,2008.
c. Thirty Thousand Dollars ($30,000.00) to the City of Sunny Isles Beach for
community promotion events. Most likely, this event will be an off-shore Super
Series Power Boat Racing function to be held in June, 2008. And you would thus
be one of the sponsors.
Ltr Daniel Tantleff of Solis Resort
j'
.
Danny Tantleff
Portfolio Director
Solis Resort, Spa & Residences
December 27,2007
Wiring instructions are as follows: Colonial Bank, Sunny Isles Beach, Florida 33160,
Routing #062001319. Please Credit the Account of: City of Sunny Isles Beach- TDR,
Account Number: 8035582504,
Please contact Assistant City Manager Douglas Haag upon completion of the wire
transfer.
2. The balance of payments will be due by January 31, 2008 and the unpaid balance will
accrue at a rate of 7.5% per annum. If payment were made on January 31, 2008 the
amount due Sunny Isles Beach would be One Million Eight Hundred Thirty-One
Thousand Two Hundred Five Dollars ($1,831,205.00). This represents One Million
Eight Hundred Twenty Thousand Two Hundred Eight Dollars ($1,820,208.00) in
principal and Ten Thousand Nine Hundred Ninety-Seven Dollars ($10,997.000) in
interest.
The City Attorney will draft the necessary documents relative to this issue. In the meantime,
please sign where indicated and return to me no later than December 31, 2007,
very~~urs,
9hn Sz g
City Manager
AJS:jah
I agree to the above conditions'
Daniel Tantleff, Portfolio Director
Solis Resort, Spa & Residences
c: The Honorable Mayor and City Commission
City Attorney Hans Ottinot
Assistant City Manager/Services Jorge Vera
Assistant City Manager/Finance Douglas Haag
Building Official! Administrator Clayton Parker
Ltr Daniel Tantleff of Solis Resort
TO:
FROM:
DATE:
RE:
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305) 949-3 II 3 Fax
(305) 947-2150 Building Department
(305) 947-5107 Fax
City Commission
Norman S, Edelcup, Mayor
Lewis J. Thaler, Vice Mayor
Roslyn Brezin, Commissioner
Gerry Goodman, Commissioner
George "Bud" Scholl, Commissioner
A, John Szerlag, City Manager
Hans Ottinot, City Attorney
Jane A. Hines, City Clerk
MEMORANDUM
Tbe Honorable City Commission ~ ~r
A. John Szerlag, City Manag(\ ~
January 17, 2008 ~
Second Addendum to Promissory Note between Mansiana Ocean Residences,
LLC, and the City of Sunny Isles Beach
The balance of TDR payments for the above referenced project, including all interest payments,
was due to the City by December 31, 2007, That amount came to $2,374,443.00.
Prior to December 31, 2007 I met with Messrs. Daniel Tantleff and Alexander Forkosh of
Mansiana for reason of granting another extension. The reason for the time extension was to
allow the developer to have more time to finalize the financing of the condominium project.
On December 27,2007 I granted an extension to January 31, 2008 and now come before you to
ratify this decision, The conditions of this extension follow:
1.- The Developer has already wired the City of Sunny Isles Beach an additional
$585,057.00. This payment represents the following:
a, $500,000.00 toward the transfer of development rights payment.
b. $55,057,00 which represents interest at the rate of 6,375% owed as of January 2,
2008,
c. $30,000.00 to the City of Sunny Isles Beach for community promotion events,
Most likely, this event will be an off-shore Super Series Power Boat Racing
function to be held in June, 2008, And Mansiana would thus be one of the
sponsors.
2,- The balance of payments will be due by January 31, 2008 and the unpaid balance will
accrue at a rate of 7.5% per annum. If payment were made on January 31, 2008 the
amount due Sunny Isles Beach would be $1,831,205.00. This represents $1,820,208.00
in principal and $10,997,000 in interest.
Commission - Mansiana Second Addendum Memo
A. John Szerlag
January 17, 2007
Page 2
Thank you.
AJS/iw
cc: Daniel Tantleff, Portfolio Director Solis Resort, Spa & Residences
Hans Ottinot, City Attorney
Jorge L. Vera, Assistant City Manager, Service Division
Doug Haag, Assistant City Manager, Finance Division
Clay Parker, Building Official! Administrator
Commission - Mansiana Second Addendum Memo
City Commission
Norman S. Edelcup
Mayor
Lewis J. Thaler
Vice Mayor
Roslyn Brezin
Commissioner
Gerry Goodman
Commissioner
George "Bud" Scholl
Commissioner
A. John Szerlag
City Manager
Hans Ottinot
City Attorney
Jane A. Hines
City Clerk
January 24, 2008
Daniel Tantleff, Portfolio Director
Solis Resort, Spa & Residences
15701 Collins Avenue
Sunny Isles Beach, FL 33160
Re:
Extension of TDR Payment for Solis Resort, Spa & Residences
Development Project
Dear Mr. Tantleff:
At its regular meeting of January 17, 2008, the City Commission adopted
Resolution No. 2008-1211, which ratified the approval to amend Resolution No.
2007-1168 to extend the time for payment of TDRs by Mansiana Ocean
Residences, LLC A/KIA Solis Development Project. Attached is a copy of the
approving resolution for your files.
Thank you.
? ~ truly yours,
~~W~
Priscilla Walker, CMC
Deputy City Clerk
Enclosures
cc: A. John Szerlag, City Manager
Jorge L. Vera, Assistant City Manager/Services
Doug Haag, Assistant City Manager/Finance
Clay Parker, Building Official! Administrator
Robert Solera, Community Development Director
Mansiana 2nd TDR Payment Extension Trans Ltr