R7AD - Penrod Brothers Settlement Approval

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA APPROVING, IN SUBSTANTIAL FORM, A SETTLEMENT AGREEMENT (SETTLEMENT AGREEMENT) BY AND AMONG PENROD BROTHERS, INC., THE CITY OF MIAMI BEACH, FLORIDA AND BOUCHER BROTHERS PIER PARK, LLC TO CONCLUSIVELY SETTLE LITIGATION RELATING TO THE PROPERTY LOCATED AT ONE OCEAN DRIVE CONSISTENT WITH THE TERMS REFLECTED IN THE MEDIATION SETTLEMENT BINDING TERM SHEET ATTACHED TO THIS RESOLUTION AS EXHIBIT 1; AND AUTHORIZING THE CITY MANAGER TO FINALIZE THE SETTLEMENT AGREEMENT; AND FURTHER, AUTHORIZING THE CITY MANAGER AND CITY CLERK TO EXECUTE THE SETTLEMENT AGREEMENT.