R7N - Approve Destination Marketing Agreement with Gmcvb

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 An Agreement Between The City Of Miami Beach And The Greater Miami Convention & Visitors Bureau ("gmcvb") For A Destination Marketing Agreement ("agreement"), Which Agreement Includes (1) A Term Of Five (5) Years, Provided The City May Terminate The Agreement For Convenience Upon 120 Days Prior Written Notice; (2) A Base Fee To The Gmcvb Comprised Of Ten Percent (10%) Of The Two Percent (2%) City Resort Tax (less A Collection Fee Of Four Percent (4%)); And (3) An Incentive Fee Up To $2,000,000 Based On Gmcvb's Ability To Achieve Performance Metrics, As More Particularly Described In The Term Sheet In The Memorandum Accompanying This Resolution ("term Sheet"); And Further, Authorizing The Administration To Finalize The Agreement In Accordance With The Term Sheet; Further, Waiving, By A 5/7th Vote, The Competitive Bidding Requirement Of Section 2-367 Of The City Code, Finding Such Waiver To Be In The Best Interest Of The City; And Further, Authorizing The City Manager And City Clerk To Execute The Agreement.