Increase Colony Theatre management fee by $200,000 to $700,000 annually

A resolution of the mayor and city commission of the city of miami beach, florida, authorizing the city manager to negotiate amendment no. 4 to the management agreement dated october 4, 2016, between the city and miami new drama, INC., for the operation, management, maintenance, and promotion of the colony theatre, located at 1040 lincoln road; said amendment increasing the management fee by $200,000.00, thereby increasing the total annual management fee for each fiscal year from $500,000.00 to $700,000.00 (new management fee), which new management fee includes an annual utility fees reimbursement amount not to exceed $80,000.00; said new management fee being subject to funding appropriation and approval by the city commission from the budget for fiscal year 2024-2025, and thereafter, contingent upon funding appropriation and approval by the city commission during the city's budgetary process for each subsequent fiscal year; and further authorizing the city manager and city clerk to execute the amendment. Applicable area: south beach tourism and culture commissioner tanya k. Bhatt item moved from r9 aj / supplemental updated on 9/9/2024 (revised memorandum and resolution)