Approve development agreement for Lincoln Road parking lot redevelopment

03(b)(2) of the city charter, a lease agreement between the city of miami beach ("city") and lincoln road property owner, LP. ("lessee") of the city-owned surface parking lot p25 (consisting of five (5) tax folios: 02-3234-004- 0870, 02-3234-004-0880, 02-3234-004-0890, 02-3234-004-0900 and 02-3234-004-0910) located in miami beach, florida and a lease agreement between the city and lessee of the city-owned surface parking lot p26 (consisting of six (6) tax folios: 02-3234-004-0710, 02-3234-004-0720, 02-3234-004- 0730, 02-3234-004-0820, 02-3234-004-0830 and 02-3234-004-0840) located in miami beach, florida (together, the "leases"), for the construction of mixed-use developments consisting of (1) class a office space, (2) ground floor retail, (3) public parking to replace the existing public parking spaces on both parking lots p25 and p26, and (4) additional parking to satisfy off-street parking requirements for the office uses (the "project"); such leases being subject to and contingent upon approval by the city commission pursuant to section 82-37(a) and approval by a majority vote of the voters in a citywide referendum pursuant to

03(8)(2) of the city charter; further, providing for the project to be developed, designed, financed, constructed, and operated in accordance with the terms of the leases and the development agreement for the project between the city and lessee, approved pursuant to resolution no. 2022- ________ and further providing for a maximum term of ninety-nine (99) years, with an initial term of fifty-one (51) years, and two (2) renewal terms, for a period of twenty-four (24) years each, at the lessee's option. First reading economic development commissioner ricky arriola supplemental updated on 6/16/2022 (resolution)