Laserfiche WebLink
March 27, 2012. <br />City Commission � ar•auN *� <br />Norman S. Edelcup Via E' -Mail & Us Mail <br />Mayor <br />Lewis J, Thaler <br />Clifford Schulman, Esq.. <br />'Ace Mayor <br />Weiss Serota Helfnnan Pastoriza Cole & Boniske <br />ISO= Aelion <br />Commissioner <br />2525 Ponce de Leon Blvd, Suite 70.0 <br />Coral Gables, FL 33134 <br />Jedraefta Gaffio <br />�drnmiseiionBf <br />Gtorge "Bud" schail <br />Re: Revised Letter: Release of Use Restriction on Developmentightts <br />Commirdomr <br />Dear Mr. Schulman: <br />Atbn J. Cohen <br />City Manager <br />This letter shall confirm the agreement between the City of Sunny Isles Beach <br />Hams 41tinor <br />( «Cif,,) and Chateau, Beach, LLC ( "Chateau Beach ") riegarding.to release of a Use <br />City Morpey <br />restriction for 98,996 square, feet of transfer development rights C ''DRs ") -and <br />Jane A. Hines <br />city Clerk <br />(50) units that will be assigned to the Chateau Beach. The City and Chateau Beach <br />agree to the following terms, subject to the approval of the City Commission: <br />(1) As consideration for deleting the use restriction, -the Chateau Beach <br />agrees to pay the City'the suns of $1,484,940.00 for the release ofth-o use <br />restriction for 98,996 square feet of TDRs. The released price is fifteen <br />($15) dollars per square feet. <br />(2) .Chateau Beach agrees to pay the $1,484,940.00 in three (3) installment <br />payments within a two (2) year period. Within three (3) days of approval <br />of the release of the use restriction by the City Commission, Chateau <br />Beach agrees to make an initial payment of $484,940,00 to the City. <br />Within one (1) year of the aforementioned .initial payment, Chateau <br />Beach shall make a payment of $500,000.00 (hereinafter referred as the <br />"Second Payment ") to the City. The final payment of $500,000.00 shall <br />be due within one (1) year of the Second Payment. All payments shall <br />be made to Finance Department of the City of Sunny Isles Beach, <br />(3) During the two (2) year installment period herein, Chateau Beach may <br />use or sell for development purposes only the TDRs that have been fully <br />paid for under the installment payment agreement. <br />Please confirm the foregoing agreement between the parties by executing where <br />indicated below and returning a fully executed copy for our records at your earliest <br />convenience. Thin agreement may be executed in cotmterparts, each of which taken <br />EXHIBIT "A" <br />