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WE <br />April 2, 2018 <br />Carnegie Management and Development Corporation <br />27500 Detroit Road, Suite 300 <br />Westlake, Ohio 44145 <br />Attention: Mr. George J. Papandreas, F.V.Y. <br />RE: Term Sheet for One Lakewood Place (the "Project "} <br />Dear Mr. Papandreas: <br />This letter summarizes the material terms and conditions for a potential transaction between the <br />City of Lakewood (the "City ") and Carnegie Management and Development Corporation <br />( "Developer ") relating to the above - referenced Project. The terms and conditions under <br />consideration are: <br />1. Project Description. <br />The Project will consist of a multi -story mixed use office /retail /residential <br />development located on approximately 5.7 acres of City- owned real property <br />bounded by Detroit Avenue, Belle Avenue and Marlowe Avenue in the City of <br />Lakewood (the "Project Site "), as generally depicted on the site plan attached <br />hereto as Exhibit A. Developer submitted the Project as part of the Request for <br />Qualifications (RFQ) issued by the City on February 6, 2017, mid as presented in <br />response to the Request for Proposals (RFP) issued by the City on May 8, 2017. <br />The Project will include a mix of office, retail and residential space, structured <br />parking, a multi - functional outdoor public space, and a rehabilitation of the <br />historic Curtis Block building. <br />The Project will demonstrate high quality design and architecture; it will include a <br />balanced and thoughtful mix of uses, incorporate economically feasible <br />sustainable development practices, create a first class multi - functional outdoor <br />community gathering space, and be supported by the Community Vision, the <br />Development Objectives, and the Commercial Design Guidelines (copies of <br />which are available at www.onelakewood . cmn /DowtovvnRTO). <br />2. Project Requirements. <br />a. Office and Retail Development Requirements. The Project will include <br />a mix of retail and office users. Except as otherwise provided in this <br />letter, the Project will include a minimum of 100,000 square feet, <br />combined, of office and retail space (the "Minimum Combined <br />Commercial Development "), consisting of at least 35,000 square feet of <br />office space and 25,000 square feet of retail space. <br />If Developer has committed to proceed with the Residential Component <br />(defined helow), Developer may convert up to 40,000 square feet of the <br />4832 -1246- 5749.18 <br />