The Real Deal Miami

Icon board president cashed $100K in checks from tony condominium’s accounts

February 18, 2013 01:00PM

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From left: the exterior and interior of Icon at South Beach

Residents of the Icon at South Beach, a skinny glass condominium tower at 450 Alton Road, are unhappy to discover that their condo board president has cashed over $100,000 in checks from the building’s accounts, the Miami New Times reported.

Board president John Stimmel has cashed about $113,000 in checks between 2005 to 2008, residents discovered earlier this month, the paper said. Stimmel said the money was used as Christmas tips for the building’s staff.

“The reason for the cash as opposed to a check was we were trying to avoid paying burdens,” Stimmel told residents at a Feb. 4 meeting, according to the New Times. “According to Continental [Group, the management company hired to run Icon], we would have had to pay 35 percent more for the tips,” if they were not in cash, he said.

But residents say that whatever the reason, the practice smells of impropriety. A group called Icon Residents for Change has formed and is seeking Stimmel’s resignation.

“This building has a $5 million budget,” one resident who wished to remain anonymous told the New Times. “And they are paying out tips in cash to avoid taxes? Give me a fucking break.” [Miami New Times] –Guelda Voien

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