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<br />RESOLUTION NO. 2008-J3<iO <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, APPROVING AN AMENDED AND <br />RESTATED PROMISSORY NOTE BETWEEN THE CITY OF SUNNY <br />ISLES BEACH AND REGALIA HOLDINGS, LLC. FOR PAYMENT OF <br />TRANSFER OF DEVELOPMENT RIGHTS; PROVIDING THE CITY <br />MANAGER AND CITY ATTORNEY WITH THE AUTHORITY TO DO <br />ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, by Resolution 2007-1121, adopted June 2 L 2007_ the City Commission approved <br />a promissory note between the City of Sunny Isles Beach and Regalia Holdings, LLC. for payment of <br />transfer of development rights ("TORs") pursuant to Resolution No. 2006-891, adopted February 16, <br />2006; and <br /> <br />WHEREAS, Regalia is requesting a six (6) month extension (October 1, 2008 to March 31, <br />2009) to pay the outstanding balance for the TORs; and <br /> <br />WHEREAS, the City Commission wishes to approve the extension request. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY <br />OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Approval of Amended and Restated Promissory Note. The City Commission hereby <br />approves the Amended and Restated Promissory Note Attached hereto as Exhibit "A". <br /> <br />Section 2. Authorization of the City Mana~er and the City Attorney. The City Attorney and the <br />City Manager are hereby authorized to do all things necessary to effectuate the intent of this <br />Resolution. <br /> <br />Section 3, <br /> <br />Effective Date. This Resolution shall become effective upon adoption. <br /> <br />PASSED AND ADOPTED this t r day of <br /> <br /> <br />2008 <br /> <br />ATTEST: <br /> <br />~~~ <br /> <br />Jane A. Hines, City Clerk <br /> <br />Approving Amcndcd And Rcstatcd Promissory Notc For Rcgalia Pagc I or 2 <br />