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RESOLUTION NO. 2007- II 2.1 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, APPROVING A MODIFICATION TO RESOLUTION NO. 2006-891 TO PROVIDE REGALIA, LLC. WITH A NEW I'A YMENT SCHEDULE REGARDING TRANSFER OF DEVELOPMENT RIGHTS (TORS) IN THE AMOUNT OF 54,385 SQUARE FEET OF FLOOR AREA; APPROVING A PROMISSORY NOTE IN SUBSTANTIALLY THE SAME FORM BETWEEN THE CITY OF SUNNY ISLES BEACH AND REGALIA, LLC; PROVIDING THE CITY MANAGER AND CITY ATTORNEY WITH THE AUTHORITY TO DO ALL TIIINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, by Resolution No, 2006-891, adopted February 16. 2006, the City Commission approved a transfer of development rights ("TORs") application submitted by Regalia, LLC, ("Applicant") far the transfer of 54,385 square feet of TORs; and WHEREAS, the Applicant agreed to purchase TORs in the amount of 54,385 square feet of floor area from the City's TOR Bank in the amount of $4,500,206,86 to develop the TOR receiving site generally located at 19505 Collins A venue and referred to as "Regalia"; and WHEREAS, Resolution No. 2006-891 required the Applicant to pay the above stated amount at the time of pulling a building permit; and WHEREAS, Regalia, LLC has agreed to pay for 38,847 square feet of TORs upon issuance of the building permit, as this represents the actual amount of TORs used to develop Regalia; and WHEIU~AS, Regalia, LLC has agreed to provide, if feasible, the City with a wireless infrastructure casement at Regalia, allowing the City to provide wireless telecommunications services to the public; and WHEREAS, Regalia, LLC has agreed to pay the remaining 15,538 square feet of TORs prior to the occurrence of certain agreed upon terms and conditions, subject to Commission approval. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section I, Incorporation of Recitals, The taregoing recitals are true and correct are incorporated herein by reference as if they fully set forth herein. Section 2. Approval of Modification. The City Commission hereby approves a moditication to Resolution No. 2006-891, passed and adopted by the Commission on February 16, 2006, to require payments based on the terms and conditions rellected in the promissory note in substantially the same form attached hereto as Exhibit "A".