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Q V <br /> , o 0 <br /> OD <br /> 3.2650 Detroit Avenue • 447.07 + (216)529-6680 <br /> www.onelakewood.com <br /> April 16, 2018 <br /> Lakewood City Council <br /> Lakewood,OH 447.07 <br /> Re: Recommended term sheet for One Lakewood place,the Mixed-Use Development in the Heart of <br /> Lakewood <br /> Dear Council Members, <br /> The city administration and Carnegie Development Corporation have agreed on a shared vision for the <br /> development at the corner of Belle and Detroit, known as One Lakewood Place,and now we are <br /> recommending your approval of the attached term sheet. <br /> our partnership with Carnegie has created a flexible document,with important controls,that will deliver a <br /> transformative project on this site.The term sheet explains the business terms and structure of the project, <br /> the roles and responsibilities of the parties,and the minimum requirements for each party to deliver. It is <br /> primarily informed by Carnegie's Round 2 proposal and the city's development objectives created to guide <br /> this entire process, both of which can be found at www.onelakewood.com/DowntownDevelopinent.A <br /> summary of they sections and deliverables outlined in the term sheet includes: <br /> • Minimums established for the amount of office, retail, residential and on-site structured parking to <br /> ensurea truly mixed use project is constructed <br /> • Carnegie paying for the construction and maintenance,and programming for the first-class multi- <br /> functional community gathering space forthe community <br /> • The historic Curtis Block building will be preserved,and renovated to-create dynamic new spaces <br /> for growth in this architecturally significant building <br /> • The project will be completed within four years <br /> • The project will be maintained in a first-class manner in accordance with an approved operations <br /> and maintenance plan <br /> • Community engagement is specifically recognized as a vital and integral component of the project <br /> • Acknowledging and affirming the importance of the planning review process by the Planning <br /> Commission and the Architectural Board of Review as part of the project <br /> • The design of the project will integrate with the residential properties on Belle and Marlowe <br /> Avenues <br />