On October 17, 2018, the City Commission adopted Resolution No. 2018-30567 (Exhibit 3) approving Amendment No. 2 to the Miami New Drama Management Agreement for the Colony Theatre, which included the following key terms and conditions: 

•  The City of Miami Beach shall provide an annual contribution to Miami New Drama in the amount of $420,000, payable within fifteen (15) days following the end of each Quarter. The annual contribution in contingent upon funding approval of the City’s contribution during the City’s budgetary process and each subsequent fiscal year.

• The City of Miami Beach shall cover utility costs at the Colony Theatre, up to $80,000 annually. All costs above $80,000 are the responsibility of Miami New Drama.
• The City of Miami Beach approval of the first renewal option for one (1) additional five (5) year term, commencing on October 1, 2018 and ending September 30, 2023
• Miami New Drama will increase the number of events and attendance as follows:
  • Produce 150 events at the facility for contract years October 1, 2018- September 30, 2020, serving more than 35,000 visitors per year; 
  •  Produce 175 events at the facility for contract years October 1, 2020-September 30, 2022, serving more than 40,000 visitors per year; 
  •  Produce 200 events at the facility for contract year October 1, 2022-September 30, 2023, serving more than 45,000 visitors per year.

• Miami New Drama will develop an educational division and increase public outreach to include the following:
  • A “$3.05 ticket program” reserving seats for first time theater-goers for every performance for $3.05 (12 tickets per Miami New Drama Performance, 1,000 tickets annual estimate) 
  •  Free tickets for senior centers and youth throughout Miami Beach (1,000 tickets annual estimate)  
  •  Educational programs to accompany each production 
  •  Children’s Summer Camp and Workshops 
  •  Traveling plays for schools and senior centers

• Miami New Drama shall provide day-to-day operational and administrative services in support of its management activities to ensure that the facility shall be operated, managed and maintained in a first class manner, including but not limited to, acquisition of services, equipment, supplies and facilities; maintenance and property management; security; personnel management; record-keeping; collections and billing; and promotional activities,  including but not limited to public relations, social media and paid marketing outreach.
• Miami New Drama shall provide quarterly reports to the City detailing event records and programmatic plans, educational and outreach initiatives, marketing and promotional activities, maintenance and capital work, and operational/administrative budgets.
• The City remains responsible for maintenance of the major building systems (i.e. HVAC, roof, plumbing, electrical, and elevator) and for long term building capital improvements.

In addition to increasing the City’s contribution, approving the first renewal option for five years and enhancing the key performance measures noted above, Amendment No. 2 also updated the legal description of the facility to reflect Unit 3 of the Colony Theatre Condominium. The property was submitted to condominium ownership by the City on February 22, 2018, and as such the legal description of the Facility was updated to reflect that it is now Unit No. 3 of Colony Theatre Condominium, according to the Declaration of Condominium thereof, as recorded in Official Records Book 30872, at Pages 1216-1280, of the Public Records of Miami-Dade County, Florida.

On October 27, 2021, the City Commission adopted Resolution No. 2021-31914 (Exhibit 4), Amendment No. 3 to the Miami New Drama Management Agreement approving a separate lease agreement between MIND and the City, for MIND’s operation and management of the Collins Park Cultural Arts Facility, to be located at 340 23^rd Street (the “Collins Park Lease”). With this Resolution, the City and MIND extended the term of the Colony Theatre Management Agreement for a period to run co-terminous with the term of the Collins Park Lease. This Amendment is subject to and contingent upon an appropriation of funds by the City Commission, at its sole discretion, in the amount of $4,750,000 for the buildout of the Collins Park Cultural Facility, pursuant to the Collins Park Lease.

As noted above, the existing Colony Theatre Management Agreement with Miami New Drama ends on September 30, 2023, with an option to extend the agreement, at the City’s sole discretion, for one (1) additional two (2) year and 364-day term.  The second renewal option provides an annual contribution to Miami New Drama in the amount of $420,000, payable within fifteen (15) days following the end of each Quarter. The annual contribution in contingent upon funding approval of the City’s contribution during the City’s budgetary process and each subsequent fiscal year. The City of Miami Beach shall cover utility costs at the Colony Theatre, up to $80,000 annually. All costs above $80,000 are the responsibility of Miami New Drama.

On July 26, 2023, the Mayor and City Commission adopted Resolution No. 2023-32713, appropriating $7,670,000.00 to the Collins Park Cultural Center project from Series 2023B Arts & Culture GOB (Fund 395). Since the amount of the appropriation to the Project exceeded the required appropriation amount under the Collins Park Lease, the Management Agreement has now been automatically extended pursuant to Amendment No. 3.