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RESOLUTION DIRECTING COUNTY MAYOR OR MAYOR�S DESIGNEE TO ANNUALLY REVIEW, AUDIT, ANALYZE, AND REPORT TO THE BOARD ON THE USE OF FUNDS RECEIVED FROM THE SALE OF THE NAMING RIGHTS AND ASSOCIATED SPONSORSHIP RIGHTS TO THE FTX ARENA LOCATED AT 601 BISCAYNE BLVD., MIAMI, FL 33132

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WHEREAS, on March 26, 2021, the Board of County Commissioners (�Board�) adopted Resolution No. R-238-21 approving a Naming Rights Agreement with West Realm Shires Services Inc. dba FTX.US (�FTX�) that renamed the arena owned by Miami-Dade County located at 601 Biscayne Blvd., Miami, FL 33132 (�Arena�) as the FTX Arena; and
WHEREAS, pursuant to the terms of the Naming Rights Agreement, FTX will pay the County $135,000,000.00 over a 19-year term; and
WHEREAS, FTX has already made a payment to the County in the amount of $14,000,000.00 and, following contractually required payments for annual naming rights payments to the operator of the Arena, public relation expenses, and the broker fee to the naming rights consultant broker, $8,229,000.00 remains for use by the County in accordance with the provisions of Resolution No. R-238-21; and
WHEREAS, Resolution No. R-238-21 requires that 70 percent of the funds, net of expenses, be placed into the �Anti-Gun Violence and Prosperity Initiatives� trust fund to be used and allocated in accordance with an annual plan developed by the County Mayor and approved by the Board; and
WHEREAS, it would be in the best interest of Miami-Dade County to require the County Mayor to annually review, audit, analyze, and report to the Board on the use of all funds disbursed in the prior year from the �Anti-Gun Violence and Prosperity Initiatives� trust fund pursuant to the annual plan developed by the County Mayor and to evaluate the efficacy of the endeavors to combat gun violence and provide opportunities for economic prosperity throughout Miami-Dade County funded in prior years with such monies from the trust fund,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:
Section 1. This Board approves of and incorporates the foregoing recitals as if fully set forth herein.
Section 2. This Board directs the County Mayor or Mayor�s designee to annually review, audit, analyze, and report to the Board on the use of all funds disbursed in the prior year from the �Anti-Gun Violence and Prosperity Initiatives� trust fund pursuant to the annual plan developed by the County Mayor, and to evaluate the efficacy of the endeavors to combat gun violence and provide opportunities for economic prosperity throughout Miami-Dade County funded in prior years with such monies from the trust fund. Pursuant to Ordinance No. 14-65, all reports required by this resolution shall be in writing and placed on an agenda of the Board.