R7D - Approve Collins Park Artist Housing Lease

A Resolution Of The Mayor And City Commission Of The City Of Miami Beach, Approving, Following Second Reading, A Lease Agreement ("lease"), As Authorized Under Section 82-37 Of The City Code And Section 1.03(8)(4) Of The City Charter, Between The City Of Miami Beach ("city") And Community Finance Corporation, An Arizona Not-for-profit Corporation, Oran Affiliate Thereof ("lessee"), Of The City-owned Property Located At 224 23rd Street (the "property"), For The Construction Of The Collins Park Artist Workforce Housing Project On The Property, A Proposed Development Which Shall Include (1) Residential Workforce Housing Units, For Artists, Teachers, And Other Income-eligible Tenants; (2) Residential Dormitory Space, Intended For Use By Miami City Ballet, Inc. (the "ballet"), To Support The Miami City Ballet's Dance Education And Other Programs Or, If Agreement With The Ballet Cannot Be Reached, Additional Workforce Housing Units; And (3) Ground Floor Retail Or Cultural Space (collectively, The "project"); Further, Providing For The Project To Be Developed, Designed, Financed, Constructed, And Opera Ted In Accordance With The Terms Of The Lease And The Development Agreement Between The City And Servitas, Llc For The Project, Approved Pursuant To Resolution No. 2021- ____ ; And Further Providing For A Maximum Term Of Ninety (90) Years, With An Initial Term Of Fifty (50) Years, And Two (2) Renewal Terms, For A Period Of Twenty (20) Years Each, On Mutual Agreement Of The City And Lessee; And Further, Approving The Distributions Of Net Available Cash Flow To The Ballet As Provided In This Resolution, And Authorizing The Mayor And City Clerk To Execute The Final Lease.