HomeMy WebLinkAboutExhibit ATO: Arthur Noriega V.,
City Manager
FROM: Erick Gavin, Director
Venture Miami
BACKGROUND
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
DATE: June 30, 2022
FILE:
SUBJECT: Non -fungible tokens ("NFT")
Program Partnership
REFERENCES:
ENCLOSURES:
The City Commission will review for approval on July 14, 2022, an agreement with Time, LLC
("TIME"), whereby TIME seeks to partner with the City of M iami ("City")to establish a proposed project
where fifty-six (56) local artists will design a unique collection of five thousand (5,000) digital art pieces
in the form of non -fungible tokens ("NFTs"). The design of the NFTs will be multiple variations of the
City Key referred to as "NFKeys to the City." Through this agreement, TIME will lead the primary
sale and create a series of additional benefits for the City and the community, including curating
experiences and engagement with businesses, non -profits and arts organizations all located within
City boundaries.
Under the proposed agreement, TIME will retain an initial fee of five hundred fourteen thousand three
hundred twelve dollars ($514,312.00) to be paid out from revenue generated from primary sales of
the digital art pieces. Any funds in excess of this initial fee will be divided and distributed as follows:
(1) City of Miami - 50%; (2) Miami Charities - 10%; (3) Local Miami Artists - 25%; and (4) TIME - 15%.
Ten percent of the secondary sale revenues will be divided and distributed in the same manner as
the funds in excess of the initial fee generated during the primary sale.
As TIME has extensive experience with strategizing the sale of digital assets, creative minting of
those digital assets, and implementation alongside artist for their economic benefit, it is in the best
interest of the City to waive competitive bidding.
RECOMMENDATION
In light of the above mentioned, and pursuant to Section 18-85, as amended, it is respectfully
recommended that you, as the City Manager, waive competitive sealed bidding methods, via the
written findings and reasons stated herein. Said waiver shall need to be ratified, confirmed, and
approved by the City Commission, by a four-fifths(4/5ths) affirmative vote, during an advertised public
hearing.
Approved:;
Arthur Norieg'' V
City Manager
Date: