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MINUTES OF THE SPECIAL MEETING OF LAKEWOOD CITY COUNCIL HELD IN COUNCIL CHAMBERS 12650 DETROIT AVENUE April 23, 2018 6:00 P.M. Special Meeting of the Lakewood City Council called to order at 6:05 PM by Councilmember O'Leary. Present: David Anderson, Thomas R. Bullock III, Meghan George, John Litten, Samuel T. O'Leary, Daniel J. O'Malley, Tristan Rader Also Present: Mayor Summers, Finance Director Pae, Robyn Minter Smyers, Tracey Nichols, George Papandreas, Rustom Khouri III, Planning & Development Director Sylvester Proposed ORDINANCE 27 -18 - 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 southwest corner of Detroit Avenue and Belle Avenue, and authorizing and approving related matters. Mr. O'Leary made opening remarks indicating that tonight's meeting will address the term sheet for the One Lakewood Place development project, particularly the financial aspects and outlook. Director Sylvester encouraged everyone to visit the project's web page on the City website where all progress and updates on the project are being catalogued. Return on Investment Discussion & Analysis Director Sylvester explained that the City is investing in the project through the value of the land which is estimated to be worth $6 million. The City's investment is expected to be paid back in the form of real estate and income tax within 3 to 4 years. Income taxes are generated through the new housing units and the jobs created in the office and retail spaces. The analysis is based on conservative assumptions are laid out in detail in the materials provided.