R7E - Approve 1940 Park Avenue Mixed-use Housing Lease

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE, AND APPROVING, FOLLOWING FIRST READING, AS AUTHORIZED BY SECTION 82-37 OF THE CITY CODE, SECTION 1.03(B)(4) OF THE CITY CHARTER (IN EFFECT AT THE TIME OF THE RFP AWARD), AND REQUEST FOR PROPOSALS (RFP) 2023-115-KB, A LONG-TERM GROUND LEASE AGREEMENT (“LEASE”) BETWEEN THE CITY, AS LANDLORD, AND 1940 BARCLAY PARTNERS, LLC, A DELAWARE LIMITED LIABILITY COMPANY, AS TENANT, FOR THE CITY-OWNED PROPERTY LOCATED AT 1940 PARK AVENUE, FOR THE DESIGN, DEVELOPMENT, CONSTRUCTION, FINANCING, AND OPERATION OF THE BARCLAY MIXED-USE MULTIFAMILY RESIDENTIAL HOUSING PROJECT, WHICH LEASE IS CONSISTENT WITH THE TERM SHEET APPROVED PURSUANT TO CITY COMMISSION RESOLUTION NO. 2025-33910 AND PROVIDES FOR RENT-RESTRICTED RESIDENTIAL UNITS, SENIOR HOUSING UNITS, GROUND FLOOR RETAIL SPACE, AND COMPLIANCE WITH HISTORIC PRESERVATION REQUIREMENTS; AND FURTHER PROVIDING FOR A MAXIMUM LEASE TERM OF NINETY-NINE (99) YEARS, COMPRISED OF AN INITIAL FIFTY-ONE (51) YEAR TERM WITH TWO (2) RENEWAL PERIODS OF TWENTY-FOUR (24) YEARS EACH, AT THE TENANT’S OPTION; PROVIDING FOR A ONE-TIME LEASE PAYMENT OF TWO MILLION DOLLARS ($2,000,000) DUE UPON POSSESSION; AND SETTING THE SECOND AND FINAL READING OF THE LEASE FOR A TIME CERTAIN.