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<br />RESOLUTION NO. 2007- II:;)? <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA; APPROVING A <br />MODIFICATION TO RESOLUTION NO. 2005-859 TO PROVIDE <br />MANSIANA OCEAN RESIDENCES, LLC. WITH A PAYMENT <br />SCHEDULE REGARDING TRANSFER OF DEVELOPMENT <br />RIGHTS (TDRS) IN THE AMOUNT OF 63, 820 SQUARE FEET OF <br />FLOOR AREA; APPROVING A PROMISSORY NOTE BETWEEN <br />THE CITY OF SUNNY ISLES BEACH AND MANSI ANA OCEAN <br />RESIDENCES, LLC., ATTACHED HERETO AS EXHIBIT "A"; <br />PROVIDING THE CITY MANAGER AND CITY ATTORNEY <br />WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br />EFFECTIVE DATE. <br /> <br />WHEREAS, by Zoning Resolution No. 05-Z-98, adopted November 17, 2005, the City <br />Commission approved the transfer of development rights ("TDRs") application submitted by <br />Mansiana Ocean Residences, LLC. ("Applicant") for the transfer of 63,820 square feet of TDRs; <br />and <br /> <br />WHEREAS, the Applicant agreed to purchase TDRs in the amount of 63,820 square feet <br />of floor area from the City's TDR Bank in the amount of five million one hundred fifty six <br />thousand seventeen dollars 80/1 00 ($5,156,017.80) to develop the TDR receiving site generally <br />located at 15701 Collins A venue, Sunny Isles Beach and referred to as Solis Resort, Spa & <br />Residences; and <br /> <br />WHEREAS, the Applicant has paid a ten percent (10%) deposit 111 the amount of <br />$515,601.00 for the TDRs; and <br /> <br />WHEREAS, Resolution No.2005-859 required the Applicant to pay the remall1ll1g <br />balance of $4,640,416.80 at the time of pulling the building permit; and <br /> <br />WHEREAS, the Applicant has agreed to pay fifty percent (50%) of the remall1l11g <br />balance upon the issuance of the building permit; and <br /> <br />WHEREAS, the Applicant has agreed to pay the remaining fifty percent (50%) within 60 <br />days of the issuance of the building permit. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Incorporation of Recitals. The foregoing recitals are true and correct are <br />incorporated herein by reference as if they fully set forth herein. <br /> <br />Approval of Promissory Note <br />Mansiana, Ocean Residences, LLC <br />