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<br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <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 I I 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 Ottino!, City Allorney <br />Jane A. Hines, City Clerk <br /> <br />MEMORANDUM <br /> <br /> <br />RE: Proposed Policy to Govern Voluntary Time Extensions for High Rise <br />Condominium Developments: <br /> <br />Executive Summary /Recommendation <br /> <br />Times are tough. And I propose that the City develop a voluntary program for developers to <br />extend site plan approval time-frames by making a partial payment on bonuses and transfer of <br />development rights (TDR). Specifically, this voluntary program would enable a developer to <br />have one extra year to make full payment to the City on TDR's and bonuses so long as a partial <br />payment was remitted. An additional one year extension would also be available under the same <br />partial payment terms. In both cases, the interest rate on the unpaid balance would be 7.5% <br />annually. <br /> <br />There are some other proposed conditions. And in bullet point format, it all looks like this; <br /> <br />.:. First year extension - 15% of balance owed City, or $500,000, whichever is <br />greater. Interest rate on unpaid balance is 7.5% annually. <br /> <br />.:. Second year extension, if applicable - same conditions as stated above. In the <br />aggregate, this means a developer would have paid 30% of the balance owed <br />City, or $1,000,000, whichever is greater. <br /> <br />.:. The developer will forfeit Vested Rights/Zoning Estopple - refer to attached <br />memorandum from City Attorney Hans Ottinot. <br /> <br />.:. The site in question will be maintained to look more like a park than a <br />construction zone, and will include installation of decorative fencing. <br /> <br />.:. Within 60 days notice by the City, the developer will underground all utilities or <br />pay the City its pro-rata share to do so. <br /> <br />Commission - Policy Voluntary Time Extensions High Rise Condo I>"~'- \1emo <br />24 <br />