C7B - Approve 1601 Washington Avenue Sale

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING RESOLUTION NO. 2026-34353 TO CORRECT THE SALES PRICE FOR THE RIGHT OF FIRST OFFER (“ROFO”) TENDERED TO THE CITY BY GP 1601 OWNER LLC (“TENANT”) WITH REGARD TO THE PROPOSED SALE OF THE PROJECT LOCATED AT 1601 WASHINGTON AVENUE (THE “PROJECT”) TO REFLECT $55,750,000, INSTEAD OF $57,750,000, AND RATIFYING THE REJECTION OF THE ROFO THEREIN; FURTHER, APPROVING THE SALE OF TENANT’S LEASEHOLD INTEREST IN THE PROJECT TO AE 1601 WASHINGTON LLC (“PERMITTED BUYER”), IN THE AMOUNT OF $55,750,000, PURSUANT TO SECTION 10.5 OF THE GROUND LEASE; SAID APPROVAL BEING SUBJECT TO THE ADMINISTRATION’S SUCCESSFUL COMPLETION OF ITS EVALUATION OF THE PROPOSED PERMITTED BUYER IN ACCORDANCE WITH ARTICLE 10 OF THE GROUND LEASE, PAYMENT TO THE CITY OF ITS REASONABLE COSTS INCURRED IN CONNECTION WITH THE PROPOSED SALE INCLUDING, WITHOUT LIMITATION, REIMBURSEMENT OF THE CITY’S DUE DILIGENCE COSTS, AND EXECUTION BY TENANT AND PERMITTED BUYER OF CITY’S CLOSING DOCUMENTS; AND FURTHER, AUTHORIZING THE CITY MANAGER AND CITY CLERK TO EXECUTE ANY AND ALL CLOSING DOCUMENTS ON BEHALF OF THE CITY.