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RESOLUTION NO. 2018-7% <br /> A RESOLUTION OF THE CITY COMMISSION OF THE CITY <br /> OF SUNNY ISLES BEACH, FLORIDA, APPROVING A REQUEST <br /> FOR EXTENSION OF PAYMENTS FOR TRANSFER OF <br /> DEVELOPMENT RIGHTS AND DENSITY BONUSES PROVIDED <br /> FOR THE DEVELOPMENT PROJECT COMMONLY KNOWN <br /> AS ESTATES OF ACQUALINA LOCATED AT 17901 COLLINS <br /> AVENUE; APPROVING PROMISSORY NOTES BETWEEN THE <br /> CITY OF SUNNY ISLES BEACH AND A3 DEVELOPMENT LLC, <br /> ATTACHED HERETO AS EXHIBIT "A" IN SUBSTANTIALLY <br /> THE SAME FORM; AUTHORIZING THE CITY MANAGER AND <br /> THE CITY ATTORNEY TO DO ALL THINGS NECESSARY TO <br /> EFFECTUATE THE TERMS OF THIS RESOLUTION; <br /> PROVIDING FOR AN EFFECTIVE DATE. <br /> WHEREAS, by Resolution Nos. 18-Z-165, 15-Z-153, and 14-Z-144 ("Zoning <br /> Resolution") the City Commission approved a site plan filed by A3 Development, LLC, (the <br /> "Developer") for a project commonly known as "The Estates of Acqualina"; and <br /> WHEREAS, under the Zoning Resolution, the Developer is required to pay all fees, <br /> including TDR and Density Bonus payments upon the issuance of a master or below grade <br /> building permit; and <br /> WHEREAS, due to market conditions and pursuant to Section 265-23 of the City Code, <br /> the Developer is requesting additional time to pay $17,847,212.80 to the City for TDRs and <br /> Density Bonuses approved for the Estates of Acqualina; and <br /> WHEREAS, the City Commission, based on the recommendation of the City Manager <br /> and Finance Director, wishes to grant the Developer's request for additional time to make the <br /> required payments pursuant to the terms and conditions set forth in the Promissory Notes <br /> attached hereto as Exhibit "A". <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br /> CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> Section 1. Extension of Payment and Approval of Promissory Notes. The City Commission <br /> hereby approves the extension requested submitted by A3 Development, LLC, and further <br /> approves the Promissory Notes for the South and North Towers of the Estates of Acqualina in <br /> substantially the same form attached as Exhibit "A". <br /> Section 2. Authorization of City Manager and City Attorney. The City Manager and City <br /> Attorney are authorized to do all things necessary to effectuate the terms of this Resolution. <br /> Section 3. Effective Date. This Resolution shall become effective upon adoption. <br /> Promissory Notes for Estates of Acqualina 1 of 2 <br />