C7Z - Earmark Excess Hotel Rent for Housing

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, DIRECTING THAT ALL RENT IN EXCESS OF THE MINIMUM FIXED RENT RECEIVED PURSUANT TO THE DEVELOPMENT AND GROUND LEASE AGREEMENT BETWEEN THE CITY AND MB MIXED USE INVESTMENT, LLC, FOR THE DEVELOPMENT AND OPERATION OF THE CONVENTION CENTER HEADQUARTER HOTEL BE EARMARKED FOR THE PURPOSE OF PROMOTING AND SUPPORTING WORKFORCE AND AFFORDABLE HOUSING DEVELOPMENT, INCLUDING BUT NOT LIMITED TO LAND ACQUISITION, CONSTRUCTION, SUBSIDIES, OR OTHER RELATED EXPENSES FOR THE CREATION OF WORKFORCE AND AFFORDABLE HOUSING UNITS IN THE CITY, AS DETERMINED BY THE CITY COMMISSION FROM TIME TO TIME; AND DIRECTING THE ADMINISTRATION TO PROVIDE, NOT LESS FREQUENTLY THAN ANNUALLY COMMENCING ON THE FIRST YEAR ANNIVERSARY OF THE OPENING OF THE MIAMI BEACH CONVENTION CENTER HEADQUARTER HOTEL, PERIODIC REPORTS TO THE CITY COMMISSION REGARDING THE AMOUNT OF RENT COLLECTED IN EXCESS OF THE MINIMUM FIXED RENT.