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<br />
<br />TO:
<br />
<br />FROM:
<br />
<br />DATE:
<br />
<br />RE:
<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) 949-3 II 3 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 />MEMORANDUM
<br />
<br />
<br />Tbe Honorable City Commission ~ ~r
<br />A. John Szerlag, City Manag(\ ~
<br />January 17, 2008 ~
<br />
<br />Second Addendum to Promissory Note between Mansiana Ocean Residences,
<br />LLC, and the City of Sunny Isles Beach
<br />
<br />The balance of TDR payments for the above referenced project, including all interest payments,
<br />was due to the City by December 31, 2007, That amount came to $2,374,443.00.
<br />
<br />Prior to December 31, 2007 I met with Messrs. Daniel Tantleff and Alexander Forkosh of
<br />Mansiana for reason of granting another extension. The reason for the time extension was to
<br />allow the developer to have more time to finalize the financing of the condominium project.
<br />
<br />On December 27,2007 I granted an extension to January 31, 2008 and now come before you to
<br />ratify this decision, The conditions of this extension follow:
<br />
<br />1.- The Developer has already wired the City of Sunny Isles Beach an additional
<br />$585,057.00. This payment represents the following:
<br />
<br />a, $500,000.00 toward the transfer of development rights payment.
<br />
<br />b. $55,057,00 which represents interest at the rate of 6,375% owed as of January 2,
<br />2008,
<br />
<br />c. $30,000.00 to the City of Sunny Isles Beach for community promotion events,
<br />Most likely, this event will be an off-shore Super Series Power Boat Racing
<br />function to be held in June, 2008, And Mansiana would thus be one of the
<br />sponsors.
<br />
<br />2,- The balance of payments will be due by January 31, 2008 and the unpaid balance will
<br />accrue at a rate of 7.5% per annum. If payment were made on January 31, 2008 the
<br />amount due Sunny Isles Beach would be $1,831,205.00. This represents $1,820,208.00
<br />in principal and $10,997,000 in interest.
<br />
<br />Commission - Mansiana Second Addendum Memo
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