HomeMy WebLinkAboutReso 2008-1358
RESOLUTION NO. 2008--i35~
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF SUNNY ISLES BEACH, FLORIDA, RATIFYING A
LETTER AGREEMENT BETWEEN THE CITY OF SUNNY
ISLES BEACH AND MANSIANA OCEAN RESIDENCES, LLC,
(COMMONLY KNOWN AS THE SOLIS DEVELOPMENT
PROJECT) TO EXTEND THE TIME FOR PAYMENT OF
TRANSFER DEVELOPMENT RIGHTS ("TDRS") BY
MANSIANA IN ACCORDANCE WITH THE ATTACHED
EXHIBIT "A"; PROVIDING THE CITY MANAGER AND CITY
ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS
NECESSARY TO EFFECTUATE THIS RESOLUTION;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, by Resolution No. 2007-1158, adopted on September 20, 2007, the City
Commission agreed to extend the time for payment of TDRs by Mansiana Ocean Residences
LLC ("Mansiana"); and
WHEREAS, by Resolution No. 2007-1168, adopted on October 18, 2007, the City
Commission approved a First Addendum to the promissory note, extending additional time to
Mansiana to make the required payments no later than December 31, 2007; and
WHEREAS, by Resolution No. 2008-1211, adopted on January 17, 2008, the City
Commission approved a Second Addendum to the promissory note, extending additional time to
Mansiana to make the required payments no later than December 31, 2008; and
WHEREAS, on October 30, 2008, the City and Mansiana executed a Letter Agreement
("Letter Agreement") extending the time for TDR payments to September 15, 2009, with
payments on the unpaid balance being made at the rate of 8Y2 % ; and
WHEREAS, the complete terms and conditions of the Letter Agreement are outlined in
the attached Exhibit "A".
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
Section 1. Ratification of Letter Agreement: The City Commission hereby ratifies and
approves the terms and conditions of the Letter Agreement attached hereto as Exhibit "A".
Section 2. Authorization of 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
Resolution.
Resolution No. 2008 -
Ratification of Letter i\b'Teement
Page 1 of 2
Section 3.
Effective Date. This Resolution will become efrcctive upon adoption.
PASSED AND ADOPTED this l~day of b~<Cw\gtiR.
.2008.
ATTEST:
~~~
.Jane A. I-lines. CMC. City Clerk
APPROVED AS TO FORM
AND LEGAL SU FICIENCV.
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Moved by:
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Seconded by:
Vote as Follows: L\.....O - \
Mayor Edelcup
Vice Mayor Thaler
Commissioner Brezin - Ato;~
Commissioner Goodman
Commissioner Scholl
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_(Yes)
~(Yes)
V(Yes)
(No)
_(No)
(No)
(No)
(No)
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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
October 30, 2008
Mr. Daniel Tantleff
Portfolio Director
Solis Resort, Spa & Residences
15701 Collins Avenue
Sunny Isles Beach, Florida 33160
Re:
Extension of TDR Payments for the Solis Resort, Spa & Residences
Development Proiect
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 on or before December 31,
2008. This amount comes to One Million Eight Hundred Fifty-Four Thousand
Five Hundred Twenty-Three Dollars and Eighty Cents ($1 ,854,523.80). You are
now requesting relief from this timetable because of difficulty in obtaining
financing.
As we discussed, I am going to request that the City Commission approve a
revised payment schedule which will remit to the City of Sunny Isles Beach all
monies due, plus interest, by September 15, 2009. Thus, payments made will be a
combination of principal and interest at the rate 8Y:2 % on the unpaid balance. The
mechanics of this extension follow:
1. Three Hundred Forty-Eight Thousand Nine Hundred Thirty-Five
Dollars and Sixty-Four Cents ($348,935.64) will be due to the City of
Sunny Isles Beach on December 15, 2008. This payment represents the
equivalent of two monthly payments that will cover November and
December, 2008. This payment only will be granted a 20 day grace
period.
2. Subsequent to the above payment, monthly payments in the amount of
One Hundred Seventy-Four Thousand Four Hundred Sixty-Seven
Dollars and Eighty-Two Cents ($174,467.82) will then become due on
or before the 15th of each month. January thru September, 2009. A
complete payment table is indicated below.
Exhibit "A"
Tantleff - Extension of TOR for Solis Resort - Lt.
To:
Date:
Page:
Daniel Tantleff
October 30. 2008
20f2
12/15/2008 1/15/2009 2/15/2009 3/15/2009 4/15/2009 5/15/2009 6/15/2009 7/15/2009 8/15/2009 9/15/2009
Pavment 348,935.64 174,467.82 174,467.82 174,467.82 174,46782 174,467.82 174,467.82 174,467.82 174,467.82 174,467.82
Principal
Pd 324,012.11 163,729.39 164,889.14 166,057.11 167,233.35 168,417.91 169,610.87 170,812.29 172,022.21 173,24070
Interest
Paid 24,923.53 10,738.43 9,57868 8,410.71 7,234.47 6,049.90 4,856.94 3,65553 2,44561 1,227.12
Total
Interest 24,923.53 35,661.95 45,240.63 53,651.34 60,885.81 66,935.72 71,79266 75,44819 77,893.80 79,12092
Balance 1,516,01296 1,352,283.57 1,187,394.43 1,021,337.32 854,103.98 685,686.06 516,07519 345,262.90 173,240 70 0.00
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.
The City Attorney will draft the necessary documents relative to this issue. In the
meantim please sign where indicated and return to me by November 3,2008.
AJS/iw
cc: The Honorable Mayor and City Commission
Hans Ottinot, City Attorney
Jorge L. Vera, Assistant City Manager, Services Department
Douglas Haag, Assistant City Manager, Finance Division
Clay Parker, Building Official
Tantleff - Extension ofTDR for Solis Resort - Ltr
TO:
FROM:
DATE:
RE:
City of Sunny Isles Beach
] 8070 Collins Avenue
Sunny ]sles 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
December] 8, 2008
The Honorable Mayor and Ity
A. John Szerlag, City Mana~ r
Third Extension of TDR Payments for Solis Resort, Spa and Residences Development
Project
RECOMMENDA TION:
It is recommended that the City Commission consider the attached resolution.
REASONS:
The balance of TDR payments for the above-reference project, including all interest payments, is due to
the City on or before December 3], 2008. This amount comes to One Million Eight Hundred Fifty-Four
Thousand Five Hundred Twenty-Three Dollars and Eighty Cents ($],854,523.80). Solis Development is
now requesting relief from this payment time schedule because of difficulty in obtaining financing.
Based on the foregoing, attached is a letter of agreement signed by Mr. Daniel Tantleff, Portfolio Director
of Solis Resort, Spa and Residences, which outlines a revised payment schedule. Please know that this
payment schedule is structured so that all principal and interest payments are remitted to the City of
Sunny Isles Beach by September 15, 2009. Payments will be made monthly and will reflect a
combination of principal and interest at the rate of eighty and one-half percent (8Y2%) on the unpaid
balance.
ADDITIONAL INFORMATION:
Approval is recommended.
Attachment
cc: Hans Ottinot, City Attorney
Jorge L. Vera, Assistant City Manager/Services
Doug Haag, Assistant City Manager/Finance
Daniel Tantleff, Solis Resort, Spa and Residences
File
To be completed bv Dep:lrtment He:ld To be comoleted bv Cirv Clerk's Office
Funding available: Approval: Agenda Item No.: (nY I ~- () <g
!'inanee Department City Manager 12,
Cc)mlnissiotl [\fccting l)atc:
SolIs 3rd Extension of'[DR Payment Ltr
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 24, 2008
Mr. Daniel Tantleff
Portfolio Director
Solis Resort, Spa & Residences
15701 Collins Avenue
Swmy Isles Beach, FL 33160
Re: Resolution Ratifying a Letter Agreement Between the City of Sunny
Isles Beach and Mansiana Ocean Residences to Extend the Time for
Payment of Transfer Development Rights (TDRs)
Dear Mr. TantIeff:
At its regular meeting of December 18, 2008, the City Commission adopted
Resolution No. 2008-1358, which ratified the approval of a Letter Agreement
between the City and Mansiana Ocean Residences extending the time for payment
ofTDRs. Enclosed is a copy of the adopted Resolution for your files.
Thank you.
Sincerely yours,
~A~
Jane A. Hines, CMC
City Clerk
Enclosures
cc: A. John Szerlag, City Manager
Doug Haag, Assistant City Manager/Finance