MINUTES 05-07-18 - Laserfiche WebLink

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Mr. Litten remarked that after researching the proposed project he is comfortable supporting it. He refuted the suggestion that the City is giving away the land and clarified that the land is the City's investment in the project. He stated that focusing on the sale of the land without considering the City's return on investment is short sighted. He suggested that the City find a way to honor the history of Lakewood Hospital as a way to come together. He also expressed commitment to communicating with residents impacted by the project. Mr. Rader expressed uncertainty that the proposed mixed use development may not thrive as planned. He suggested that senior living or other residential development might be a better use. He acknowledged the process as professional and efficient but suggested that the beginning stages could have been more robust, similar to the school's 50 Year Plan process. He expressed hesitation about conceding so much authority to the executive branch, stating that Council should have the final vote and say on the binding agreement. He does not think that Mr. Anderson's amendment calling for additional community input goes far enough. Mr. George acknowledged positive aspects of the proposed development such as the addition of Class A office space and the involvement of the building trades. However, ultimately she feels the development is not sustainable for the next 100 years. Other areas of concern are the public space component and Council being removed from approving the final development deal. She stated that she's not convinced the proposal is the best use for the site. Mr. O'Malley stated that he will support the proposed development and that although some of the criticisms are fair, they do not outweigh the benefits the development will bring. He acknowledged that while Council will not get to approve the final agreement that the term sheet before Council is extraordinarily detailed compared to other term sheets. He expressed confidence that any significant project changes will be brought back before Council as agreed. He pointed out that Council has had the chance to provide its input regarding the contents of the term sheet. He pointed out that public investment is to be expected for a project this size and that few projects of this scale would have less investment than the amount Lakewood is investing through the land. He expressed excitement and confidence is various aspects of the project. Mr. Bullock pointed to positive outcomes generated by the project such as immediate revenue for the schools, the addition al Class A office space, and public access to the planned plaza. Addressing concerns previously stated, Mr. Bullock expressed confidence that should for some reason Council lose confidence in the administration and its execution of the development agreement that there are legislative tools Council could employ. He added that this would be unlikely, given that so far Council and the administration have worked in concert with the developer to co- design key features of the development. He highlighted that the planned development was the most ambitious one of all the responses received to the RFP and that he expects it to replace the economic loss of Lakewood Hospital. Mr. Anderson thanked all who played a role in the past 15 months leading up to this moment. He praised the process has been clear and reasonable. He highlighted the inclusion of surety and performance bonds as a key feature. He stated that the market analysis backs up the need for new and varied retail spaces and will not adversely impact the current retail market. He remarked that the value of the land is less than $1 as is and that this deal turns it into asset. He felt confident