Please refer to both the Finance and Economic Resiliency Committee (FERC) and the Land Use and Sustainability Committee (LUSC), and have the staff ready to present a detailed review, of the two different paths we can take with the dormant Byron Carlyle.

Thanks to the G.O. Arts and Culture Bond, we have $29 million that we didn't have before, the last time this project was in active discussion, to be used to create a cultural arts space for the immediate neighborhood and greater Miami Beach/Miami community. We also have an opportunity to use that money, in conjunction with CRA and G.O. Bond funds earmarked in 2020 for workforce housing for cultural institutions, to build up to seven stories, as of right, which could provide between 2 to 5 floors of workforce housing, without ceding control of the land or the project.

It is important to remember that to receive as big a split of our North Beach CRA revenues with the County as we have, we are obligated to spend 10% to fund affordable/workforce housing, and this could be a good opportunity to do so.

In order to decide how we as a City would like to proceed, and before we can even engage the community, we need a better understanding of the details of the options of what can be built there, and how it can be financed.