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

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Public Plaza will be improved in a first class manner with quality materials in service of the objective of being a first class multi - functional community gathering space. Developer shall be responsible for maintaining and programming the Public Plaza consistent with Sections 3(b) and 7 of this letter. e. Historical Significance. The City and Developer acknowledge the historical significance of the Project Site to the Lakewood community. To the extent economically feasible, Developer shall make an effort to honor such history and incorporate it into the design and /or programming of the Project Site. Parking Requirements. On site, adjacent, and proximate parking is critical to the success of the Project. Parking requirements for the Project will be determined primarily by the final Project size and occupant mix and will be satisfied through (i) on -site structured parking owned by Developer and (ii) existing public parking /shared parking proximate to the Project. A portion of the parking spaces within the Project shall be made available for use by the public on terms similar to downtown municipal parking lots (e.g. first 30 minutes are free). For the avoidance of doubt, the "public" spaces shall be available to all downtown visitors and shall not be limited to patrons of the Project. Developer has been advised that the City has certain parking obligations related to the Project Site under Section 2.2(b) and (c) of that certain Master Agreement among the City, Lakewood Hospital Association and the Cleveland Clinic Foundation, dated December 21, 2015. The City will continue to explore a mutually acceptable alternative approach to satisfying these obligations prior to execution of the Development and Use Agreement. 3. Property Conveyance. a. Due Diligence Period. Developer will have a period of nine months following the execution of a development, use and sale agreement mutually agreed upon by the City and Developer (the "Development and Use Agreement "), which period may be extended for an additional three - month period, provided Developer is working in good faith to determine the feasibility of the Project (the "Due Diligence Period ") in which to conduct, at Developer's sole cost and expense, any inspections of the Project Site Developer deems necessary or desirable to confirm the feasibility of the Project and the condition of the Project Site, including, without limitation, physical inspections, environmental inspections, tests and surveys, soil borings, geotechnical testing, surveys and title searches. Developer will provide the City with copies of any such inspections and reports, regardless of whether Developer elects to proceed with the acquisition of the Project Site. Prior to the expiration of the Due Diligence 4832 -1246- =749 l8