27-18 Approve Term Sheet with Carnegie Management for Downtown Development

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First Reading April 16, 2018; second reading April 23, 2018; third reading April 30, 2018. Amended April 30, 2018 and deferred. ORDINANCE NO. 27 -18 BY: Anderson, Bullock, Litten, :VLeary; ?OiMAlley. AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least two thirds of the members of Council, or otherwise to take effect and be in force after the earliest period allowed by law, authorizing the execution and delivery of an agreement by and between the City of Lakewood, Ohio, a municipal corporation and political subdivision in and of the State of Ohio (the "City "), and Carnegie Management and Development Corporation, an Ohio corporation ( "Carnegie "), related to the development of City -owned property at the southeast corner of Detroit Avenue and Belle Avenue; and authorizing and approving related matters. WHEREAS, after an extensive period of due diligence and public input, the City has engaged in a process for identifying an appropriate developer and development plan for the City - owned property at the southeast corner of Detroit Avenue and Belle Avenue, known as the Lakewood Hospital site, and following that process has identified Carnegie as the most appropriate partner for such development; and WHEREAS, the City administration and Carnegie have arrived at a shared vision to invest in the development of the Lakewood Hospital site, to be known as "One Lakewood Place," in a way that is beneficial to the citizens of Lakewood, including by providing a mix of office, retail and residential space, structured parking, a multi - functional outdoor public space, and a rehabilitation of the historic Curtis Block building; and WHEREAS, pursuant to the Constitution of the State of Ohio, the Ohio Revised Code and the Third Amended Charter of the City of Lakewood, municipalities have the power to enact laws that are for the health, safety, welfare, comfort and peace of the citizens of the municipality, and to provide for local self - government; and WHEREAS, as set forth in Section 2.12 of the Third Amended Charter of the City of Lakewood, this Council by a vote of at least two thirds of its members determines that this ordinance is an emergency measure and that it shall take effect immediately, and that it is necessary for the immediate preservation of the public property, health, and safety and to provide for the usual daily operation of municipal departments, in that the development agreement must become effective in order for the parties to take advantage of the 2018 construction season; now, therefore BE IT ORDAINED BY THE CITY OF LAKEWOOD, OHIO: Section 1. The City authorizes the execution and delivery of the non - binding term sheet recommended by and between the City and Carnegie in substantially the same form attached hereto as Exhibit 1 ( "Term Sheet'), as approved by the Director of Law, related to the development of City -owned property at the Lakewood Hospital site.