49-15 City, LHA, Cleveland Clinic Master Agreement

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construction and equipping of the FHC (including on -site parking) will be approximately $34,000,000. As of the Effective Date, the parties contemplate a construction schedule that would allow the FHC to open by June 2018. (b) The Clinic contemplates that the FHC will embrace architecturally noteworthy design, consistent with the innovative and comprehensive design aesthetic adopted by the Clinic beginning in 2008. The FHC's planned architectural style and building layout are intended to create a calming environment for patients and their families and to be sensitive to patient, family, and staff needs. The structure is intended to serve as a primary component of a vibrant new Lakewood business district. 2.2 Parkin e. On -site, adjacent and proximate parking is critical to the success of the FHC. The Clinic contemplates the FHC will need the support of 325 parking spaces, which spaces will be obtained as set forth below. (a) The Clinic contemplates constructing a parking structure on the FHC Site that will accommodate approximately 120 parking spots. The parties agree that the Wind -Down Costs (as defined in Section 3.3(b)) shall include $2.5 million to fund the construction of such structure and the work contemplated by the Parking Lot Lease. (b) The Clinic shall have the option, on or before the FHC Commencement Date, to enter into a lease (the "Parking Lot Lease ") with the City for a period commencing on the termination of the 1996 Lease for use of the existing Emergency Department lot on the east side of Belle Avenue, as shown on Exhibit A, which may be, at the Clinic's option, expanded to include the property highlighted in green on Exhibit A, (the "ER Parking Lot ") at fair market rental rates and the other material terms and conditions set forth on Exhibit B. The Clinic will have the right, at its expense, to restripe and reconfigure the ER Parking Lot It is anticipated that the ER Parking Lot will accommodate approximately 75 parking spaces. During the hours that the FHC is not operating (other than providing emergency services), the Clinic agrees to make the ER Parking Lot available for public parking. (c) In the event that the Current Hospital Site (as defined in Section 3.3(c)) includes additional parking spaces made available for parking for the FHC (i) at fair market rental rates and (ii) that is reasonably deemed by the Clinic to be an appropriate replacement for the ER Parking Lot spaces, the spaces leased to the Clinic under the Parking Lot Lease will be proportionately reduced and the City and the Clinic will appropriately modify and/or terminate the Parking Lot Lease. (d) In the event that the City makes additional parking spaces available adjacent to the FHC (i) at fair market rental rates and (ii) that is reasonably deemed by the Clinic to be an appropriate replacement for the ER Parking Lot spaces, the spaces leased to the Clinic under the Parking Lot Lease, and depicted in green on Exhibit A, may be proportionately reduced by up to 25 spaces and the City and the Clinic will appropriately modify the Parking Lot Lease. For the purpose of this Sections 2.2(d), "adjacent" shall mean property located south of Detroit Avenue and within one block of the FHC (with one block being measured by the distance between Belle and Marlowe along Detroit Avenue). 3 11938585.11