Approve sovereignty submerged lands fee waived lease renewal

A resolution of the mayor and city commission of the city of miami beach, florida, relating to the office of the inspector general's review of the west avenue neighborhood improvement project (the "project"), and requesting that as part of the inspector general's investigation and/or review of the project, the inspector general specifically address and provide recommendations relating to the following matters if a resiliency program with elements such as the raising of roads in low-lying areas prone to significant flooding is not implemented in the context of the existential threat of rising sea levels for a barrier island like the city, built at sea level, on porous limestone: (1) the risk that private properties may be unable to obtain insurance, such as flood insurance or other property insurance coverage; (2) the risk that lenders will be unwilling to extend mortgage financing or other financing to property owners; (3) the overall potential for a decline in property values, and a decline in the city's tax base, if flood risks in low-lying areas are not mitigated; and (4) the potential adverse impacts to the city on its stormwater bond credit rating for failure to take appropriate steps to mitigate the risks of flooding in the city. Office of the city attorney commissioner alex fernandez supplemental updated on 4/4/2022 (resolution)