8967-17 Authorize Non-Binding Term Sheet with Carnegie Development Corp.

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RESOLUTIONNO. 8967 -17 BY: Anderson, Bullock, Litten, Marx, Nowlin, O'Leary, O'Malley. A RESOLUTION 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 at the earliest period allowed by law, authorizing the Mayor to negotiate a non - binding term sheet with Carnegie De- velopment Corporation as the basis for a development agreement for the city -owned former Lakewood Hospital site. WHEREAS, Carnegie Development Corporation submitted its proposal, One Lakewood Place, as part of the request for qualifications issued by the city on February 6, 2017, and as pre- sented in response to the request for proposals issued by the city on May 8, 2017; and WHEREAS, Carnegie's proposal is a multi -story mixed use office /retail /residential de- velopment on approximately 5.7 acres of city -owned real property located at Detroit Avenue and Belle and Marlowe Avenues in Lakewood; and WHEREAS, Carnegie Development Corporation has been identified by the citizen -led real estate advisory panel as the best and most qualified developer to redevelop the site in a man- ner that supports the Community Vision, the commercial design guidelines and the following articulated development objectives: • A transformative mixed -use development that meets community hous- ing, employment, shopping, and service needs, including growth op- portunities for existing Lakewood businesses. • Creatively integrate visionary architecture engaging and complemen- tary of the character and quality of Lakewood's building stock, includ- ing design characteristics of the original hospital building. • Relate to and activate the streetscape to generate street level activity, and provide a safe, inviting pedestrian experience. • Serve multiple modes of transportation on site, while meeting realistic vehicle parking needs • Design Lakewood's finest multi - functional outdoor community gather- ing space. • Position the development to respond to shifting market conditions. • Recognize and restate the historical significance of the site for the community in built form. • Support environmentally sustainable development practices, including innovative storm water management techniques and energy efficient building practices that go beyond code requirements. • Sensitivity to the directly adjacent single - family neighborhood. • Promote joint venture partnership structures to achieve a catalyst eco- nomic development project that builds upon the real estate develop- ment momentum in Downtown Lakewood.