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<br />,~ <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />City Commission <br />Norman S. Edelcup, Mayor <br />Lewis J. Thaler, Vice Mayor <br />Roslyn Brezin, Commissioner <br />Gerry Goodman, Commissioner <br />George "Bud" Scholl, Commissioner <br /> <br />A. John Szerlag, City Manager <br />Hans Ottinot, City Attorney <br />Jane A. Hines, City Clerk <br /> <br />December 27,2007 <br /> <br />Mr. Daniel Tantleff <br />Portfolio Director <br />Solis Resort, Spa & Residences <br />15701 Collins Avenue <br />Sunny Isles Beach, FL 33160 <br /> <br />Re: Extension of TDR Payments for the Solis Resort, Spa & Residences Development <br />Project <br /> <br />Dear Mr. Tantleff: <br /> <br />As you know, the balance of TDR payments for the above referenced project, including all <br />interest payments, is due to the City by December 31, 2007, This amount comes to Two Million <br />Three Hundred Seventy-Four Thousand Four Hundred Forty-Three Dollars ($2,374,443.00). <br />You are now requesting to make a partial payment on January 2, 2008 with the balance to be <br />paid by January 31, 2008. <br /> <br />Please know that I am going to grant this extension and ask the City Commission to ratify this <br />decision at the January 17, 2008 City Commission meeting. As agreed, the conditions of this <br />extension follow: <br /> <br />1. On or before January 2, 2008 you will wire the City of Sunny Isles Beach Five Hundred <br />Eighty-Five Thousand Fifty-Seven Dollars ($585,057.00), This payment represents the <br />following: <br /> <br />a. Five Hundred Thousand Dollars ($500,000.00) toward the transfer of <br />development rights payment. <br />b. Fifty-Five Thousand Fifty-Seven Dollars ($55,057.00) which represents interest at <br />the rate of 6.375% owed as of January 2,2008. <br />c. Thirty Thousand Dollars ($30,000.00) to the City of Sunny Isles Beach for <br />community promotion events. Most likely, this event will be an off-shore Super <br />Series Power Boat Racing function to be held in June, 2008. And you would thus <br />be one of the sponsors. <br /> <br />Ltr Daniel Tantleff of Solis Resort <br />