C7D - Approve Barclay Redevelopment Term Sheet

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 AT ITS JULY 16, 2025 MEETING, PURSUANT TO REQUEST FOR PROPOSALS (RFP) 2023-115-KB, FOR THE REDEVELOPMENT OF THE CITY-OWNED PROPERTY LOCATED AT 1940 PARK AVENUE (THE BARCLAY) (THE "PROJECT"); APPROVING THE TERM SHEET FOR THE PROJECT, ATTACHED AS AN EXHIBIT TO THE COMMISSION MEMORANDUM ACCOMPANYING THIS RESOLUTION; DIRECTING THE ADMINISTRATION TO NEGOTIATE A GROUND LEASE WITH 1940 BARCLAY PARTNERS, LLC, CONSISTENT WITH THE TERM SHEET, WITH THE FINAL TERMS OF THE AGREEMENT SUBJECT TO THE PRIOR APPROVAL OF THE MAYOR AND CITY COMMISSION; AND REFERRING THE PROPOSED PROJECT AND ASSOCIATED AGREEMENT TO THE PLANNING BOARD FOR REVIEW, IN ACCORDANCE WITH THE REQUIREMENTS OF THE CITY CHARTER AND CITY CODE.