C7AG - Develop Condo Buyout Mou Template

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH DIRECTING THE CITY ADMINISTRATION TO WORK WITH THE SPONSOR OF THIS RESOLUTION AND THE OFFICE OF THE CITY ATTORNEY TO DEVELOP A CONDOMINIUM BUYOUT MEMORANDUM OF UNDERSTANDING (MOU) TEMPLATE TO BE PRESENTED TO DEVELOPERS THAT ARE ACTIVE IN MIAMI BEACH FOR CONSIDERATION WHICH SHALL INCLUDE COVENANTS REQUIRING THAT CONDOMINIUM BUYOUT ACTIVITIES BE CONDUCTED WITH TRANSPARENCY, FAIRNESS AND ETHICAL NEGOTIATION PRACTICES, INCLUDING AN AGREEMENT BY DEVELOPERS NOT TO INITIATE, PURSUE, OR ACQUIRE (INCLUDING THROUGH CONTRACT ASSIGNMENT) ANY CONDOMINIUM BUYOUT ACTIVITIES WITHOUT FIRST ENGAGING WITH THE CITY AND ENTERING INTO A MUTUALLY AGREED-UPON TERM SHEET.