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Commission defers $26.65 million promissory‑note approval for Miami Beach Club project
Summary
The Sunny Isles Beach commission postponed action on a resolution approving a $26,649,849.59 promissory note tied to the Miami Beach Club project after legal staff and the applicant said the commission must see final note language; the developer asked to split the payment into two notes and the commission agreed to return with finalized documents.
The City Commission of the City of Sunny Isles Beach on March 7 deferred a resolution that would have approved the terms of a promissory note totaling $26,649,849.59 tied to the Miami Beach Club development.
Staff identified Resolution 9b as authorizing a promissory note to cover approved bonuses and transfer of development rights for MBRE Investments LLC’s 62‑story condominium project. Before members voted, the applicant asked the commission to permit the payment to be made in the form of two promissory notes rather than a single instrument.
Commissioners and the city attorney said the commission must approve the actual terms of the promissory note. The city attorney explained that the code requires the commission to accept the concrete terms of a promissory note, and those terms were not yet available because the developer planned to split the note. An applicant representative said the split was at the developer’s request and proposed drafting language quickly, but counsel for the applicant advised against approving revised note language on the spot.
Mayor Svachin accepted a motion to defer the resolution so staff and the applicant could return with finalized promissory‑note documents. The deferment was intended to allow the commission to review the exact instruments before taking final action.
Next steps: staff and the applicant will prepare the promissory‑note language and return the item to the commission for consideration at a future meeting; no final approval was recorded on March 7.
Speakers quoted in this story appear in the official meeting record of the City of Sunny Isles Beach.
