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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.