A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, RELATING TO THE CITY’S USE OF THE $55 MILLION THE CITY SHALL RECEIVE FROM THE PROPOSED SALE OF 0.3 ACRES OF PROPERTY AND AIR RIGHTS OVER 300-390 ALTON ROAD TO MARINA PARK RESIDENTIAL, LLC FOR THE MARINA PARK PROJECT (THE “SALE”), SUBJECT TO VOTER REFERENDUM APPROVAL OF THE SALE IN ACCORDANCE WITH SECTION 1.03(B)(1) OF THE CITY CHARTER; REQUIRING THAT THE $55 MILLION IN SALE PROCEEDS SHALL BE USED BY THE CITY SOLELY IN ACCORDANCE WITH THE INTENT OF THE VOTERS IN CONNECTION WITH THE NOVEMBER 3, 2020 REFERENDUM REGARDING THE USE OF THE $55 MILLION FOR THE FOLLOWING PUBLIC PURPOSES: (1) RESILIENCY AND SUSTAINABILITY INITIATIVES, (2) AFFORDABLE, WORKFORCE, OR TEACHER HOUSING, (3) PROGRAMS TO BENEFIT THE ELDERLY, OR (4) INCREASING CITY’S BUDGETARY RESERVES; FURTHER, REQUIRING THAT ALL DEPOSITS AND INSTALLMENT PAYMENTS RECEIVED FROM THE SALE (IN THE AGGREGATE OF $15 MILLION) SHALL FIRST BE APPLIED TOWARD INCREASING CITY’S BUDGETARY RESERVES, AND SHALL NOT BE EXPENDED, UNTIL SUCH TIME AS ALL DEPOSITS AND INSTALLMENT PAYMENTS BECOME NON-REFUNDABLE IN ACCORDANCE WITH THE TERMS OF THE PURCHASE AND SALE AGREEMENT, DEVELOPMENT AGREEMENT AND LEASE AGREEMENT FOR THE MARINA PARK PROJECT.