R7H - Approve Barclay Mixed-use Ground 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 SECOND READING/PUBLIC HEARING, BY A SIX-SEVENTHS (6/7) VOTE, 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 (“GROUND 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 GROUND 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 PROVIDING FOR A MAXIMUM GROUND 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 GROUND LEASE PAYMENT OF TWO MILLION DOLLARS ($2,000,000) DUE UPON POSSESSION; AND AUTHORIZING THE CITY MANAGER TO FINALIZE THE GROUND LEASE AND MAKE ANY NECESSARY NON-SUBSTANTIVE CORRECTIONS TO SCRIVENER'S ERRORS, SUBJECT TO FORM APPROVAL BY THE CITY ATTORNEY AND FURTHER, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE GROUND LEASE.