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Home My WebLink AboutR-22-0282City of Miami Resolution R-22-0282 Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12103 Final Action Date: 7/28/2022 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE CITY MANAGER'S FINDING AND RECOMMENDATION, ATTACHED AND INCORPORATED AS EXHIBIT "A," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS TO THE CITY OF MIAMI ("CITY") PURSUANT TO SECTION 18-85(A) OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ("CITY CODE"); WAIVING THE REQUIREMENTS FOR COMPETITIVE SEALED BIDDING METHODS AS NOT BEING PRACTICABLE OR ADVANTAGEOUS TO THE CITY OF MIAMI ("CITY"); WAIVING THE REQUIREMENTS FOR SAID PROCEDURES; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A PARTNERSHIP AGREEMENT ("AGREEMENT") WITH TIME USA, LLC., A FOREIGN LIMITED LIABILITY CORPORATION PENDING REGISTRATION TO CONDUCT BUSINESS IN THE STATE OF FLORIDA ("TIME, LLC") FOR A PROGRAM TO LAUNCH A COLLECTION OF APPROXIMATELY FIVE THOUSAND (5,000) NON -FUNGIBLE TOKENS ("NFTS") ("PROGRAM") WHERE THE DESIGN OF THE NFTS WILL REFLECT THE HISTORY AND CULTURE OF THE CITY AND WILL BE DESIGNED BY LOCAL ARTISTS AT NO COST TO THE CITY; FURTHER ESTABLISHING A NEW SPECIAL REVENUE PROJECT FUND TITLED "OFFICE OF THE CITY MANAGER (LOCAL ARTIST ECONOMIC INITIATIVE)" AND AUTHORIZING THE CITY MANAGER TO ACCEPT ANY AND ALL FUNDS WHICH SHALL DERIVE FROM THE PROGRAM; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS NECESSARY, INCLUDING EXTENSIONS, RENEWALS AND MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID PROGRAM. SPONSOR(S): Mayor Francis X. Suarez WHEREAS, Time USA, LLC., a foreign limited liability corporation pending registration to conduct business in the State of Florida ("TIME, LLC"), wishes to partner with the City of Miami ("City") in a program where local artists from Miami -Dade County, with a preference for local artists from the City (collectively, "Local Miami Artists"), will design a unique collection of approximately five thousand (5,000) non -fungible tokens ("NFTs") ("Program"); and WHEREAS, the design of the NFTs will reflect the history and culture of the City ("Program Elements"); and City of Miami Page 1 of 3 File ID: 12103 (Revision: A) Printed On: 6/16/2025 File ID: 12103 Enactment Number: R-22-0282 WHEREAS, as part of the Program, TIME, LLC has chosen to partner with The Bakehouse Art Complex, Inc., a not -for -profit corporation with a mission to address the need for affordable living and workspaces for artist in the City ("Local Charity"); and WHEREAS, in consultation with the City and the Local Charity, TIME, LLC will develop and lead the creative strategy minting, and implementation of the Program; and WHEREAS, in consultation with the City and the Local Charity, TIME, LLC will lead the primary sale of the Program Elements and manage the payment of the primary and secondary sale revenues; and WHEREAS, the initial costs incurred solely by TIME, LLC for the Program is estimated to be Five Hundred Fourteen Thousand, Three Hundred Twelve Dollars ($514,312.00) as an "Initial Fee"; and WHEREAS, funds from the primary sales will reimburse TIME, LLC for the Initial Fee; and WHEREAS, any funds in excess of the Initial Fee generated during the primary sale shall be divided and distributed as follows: • City of Miami: fifty percent (50%) • Local Charity: ten percent (10%) • Local Miami Artists: twenty-five percent (25%) • TIME, LLC: fifteen percent (15%); and WHEREAS, a ten percent (10%) royalty collected from all 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; and WHEREAS, the City Commission desires to establish the Special Revenue Project titled "Office of the City Manager (Local Artist Economic Initiative)"; and WHEREAS, each City Commissioner will select up to five (5) local artists for the Program; and WHEREAS, any revenues the City receives from the primary or secondary sale of the Program Elements shall be deposited in the Special Revenue Project titled "Office of the City Manager (Local Artist Economic Initiative)"; and WHEREAS, the stated goal of the project is to create "Utility" — or a series of additional benefits for the community, including curating experiences and engagement with businesses, non -profits and arts organizations all located within the City; and WHEREAS, the City Manager has made a written finding and recommendation, attached and incorporated as Exhibit "A," pursuant to Section 18-85(a) of the Code of the City of Miami, Florida, as amended ("City Code"), that competitive bidding is not practicable or advantageous to the City; and City of Miami Page 2 of 3 File ID: 12103 (Revision: A) Printed on: 6/16/2025 File ID: 12103 Enactment Number: R-22-0282 WHEREAS, the City Commission authorizes the City Manager to negotiate and execute any and all documents necessary, including extensions, renewals and modifications, all in forms acceptable to the City Attorney, for the Program; and WHEREAS, the City Commission authorizes the City Manager to accept any and all funds from Time, LLC related to the Program; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble of this Resolution are adopted by reference and incorporated as if fully set forth in this section. Section 2. By a four -fifths (4/5ths) affirmative vote, after an advertised public hearing, the City Manager's finding and recommendation, attached and incorporated as Exhibit "A," that competitive negotiation methods and procedures are not practicable or advantageous to the City pursuant to Section 18-85(a) of the City Code are ratified, approved, and confirmed and the requirements for said procedures are waived. Section 3. Each City Commissioner is authorized' to select up to five (5) local artists for the Program. Section 4. The City Manager is authorized' to negotiate and execute any and all documents necessary, including extensions, renewals and modifications, all in forms acceptable to the City Attorney, for the Program. Section 5. The City Manager is further authorized' to accept any and all funds related to the Program. Section 6. The following new Special Revenue Project is established: FUND TITLE: Office of the City Manager (Local Artist Economic Initiative) Section 7. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: ndez, ity Attor ey 9/7/2022 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to, those prescribed by applicable City Charter and City Code provisions. City of Miami Page 3 of 3 File ID: 12103 (Revision: A) Printed on: 6/16/2025