R7I - Approve Michigan Avenue Lease Amendment Referendum

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, CALLING FOR A NOVEMBER 3, 2026, SPECIAL ELECTION, FOR THE PURPOSE OF SUBMITTING TO THE ELECTORATE OF THE CITY OF MIAMI BEACH A BALLOT QUESTION ASKING WHETHER THE CITY SHOULD AMEND THE AGREEMENT OF LEASE BETWEEN THE CITY OF MIAMI BEACH AND RK RIVANI, LLC RELATING TO THE PROPERTY AT 1691 MICHIGAN AVENUE (PROPERTY), SAID AMENDMENT (I) GRANTING TWO 20-YEAR EXTENSION OPTIONS; (II) AUTHORIZING 47,000 SQUARE FEET OF NEW DEVELOPMENT ABOVE EXISTING GARAGE; (III) GUARANTEEING $247,733,206.12 IN BASE RENT AND ESTIMATED POTENTIAL PERCENTAGE RENT OF $184,140,862.35 DURING SUCH OPTION PERIODS (40 YEARS), AND (IV) INCREASING PERCENTAGE RENT FROM 2.5% TO 3% (ESTIMATED INCREASE OF $13,261,308.15 DURING REMAINING TERM (64 YEARS).