SPMIN 04-30-18 - Laserfiche WebLink

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August 2015. He summarized the project's major upcoming milestones and timelines. It will be three years before the first certificates of occupancy are issued. He discussed the privately owned public space that is expected to be part of One Lakewood Place and addressed questions that came up about it at the last meeting. The Planning Department researched how other cities are managing these spaces. The City expects that it will use the Zoning Code to regulate this space. Director Sylvester expressed confidence in the success of the space so long as it is well designed, welcoming and vibrant and an operations and maintenance plan is in place. He presented the estimated cost of the public space to be between $2.5 million and $4 million. In response to a question he received he discussed the differences and similarities between a term sheet and a development and use agreement. He assured Council that material deviations in the development and use agreement away from the term sheet will go back to Council. Ms. Nichols presented answers to questions she had received from Council. She addressed a question regarding whether it is typical to include grant funds in return on investment analyses. She found that the City and State do not include grant finds in return on investment analyses. She discussed the added levels of complexity were the community gathering space to be publically owned. She stated that potential tenants may have concerns because they would not have a direct remedy if something about the public space was problematic for them. She discussed the additional costs the City would bear were it to outright own the public plaza. She provided examples from Cleveland. Discussion: In response to a question by Councilmember Rader, Director Sylvester discussed the costs of the public space to the City should the City own it outright, including maintenance, programming, construction and liability. Mr. Papandreas remarked on Carnegie's vision for the public space and its many considerations. Ms. Nichols stated that the cost of the public space would increase and the timeline would be extended if the City were to bid it out as a separate job. In response to a question by Councilmember Litten, Ms. Nichols replied that the property tax status of the plaza would be determined based on its use. Mr. Papandreas remarked that the plaza will add value to the project which in turn will command higher rents and result in higher tax revenues.