C7D - (1) Waiving on a 5/7th Vote

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, (1) WAIVING ON A 5/7TH VOTE AND PURSUANT TO SECTION 82-587(C) OF THE CITY CODE, THE REQUIRED ART IN PUBLIC PLACES ("AIPP") CONTRIBUTION AND APPROPRIATION FOR THE CONVENTION CENTER HOTEL PROJECT (THE "PROJECT") BEING DEVELOPED PURSUANT TO THE DEVELOPMENT AND GROUND LEASE AGREEMENT WITH MB MIXED USE INVESTMENT, LLC ("THE DEVELOPER"); (2) APPROVING THE ACCEPTANCE OF A FINANCIAL GUARANTEE BOND IN LIEU OF THE ART IN PUBLIC PLACES ("AIPP") CONTRIBUTION; AND (3) GRANTING THE DEVELOPER A ONE-YEAR PERIOD FROM SITE POSSESSION TO COORDINATE WITH THE ADMINISTRATION AND THE ART IN PUBLIC PLACES COMMITTEE ON A SATISFACTORY PROPOSAL FOR PUBLIC ART INSTALLATION(S) WITHIN THE HOTEL GROUNDS WHICH INSTALLATIONS SHALL BE SUBJECT TO THE APPROVAL OF THE CITY COMMISSION.