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April 1.6,201.8 Page 2 • On-site structured parking will include available spaces for any patron or visitor to the Downtown Lakewood District • Performance bonds will be secured for the to ensure the completion of the Project • Carnegie and the city have agreed to explore ambitious areas of focus for sustainability elements this project may be able to take on—including renewable energy possibilities,alternative transportation,and green infrastructure The estimated$72 million development will generate real estate taxes on this property for the first time and will create new opportunities for income tax growth, most notably through new Class A office space and the addition of residential units that will attract businesses, add jobs,and increase the tax base.The project will generate a conservative estimate of$1.5 million 16 combined real estate and income taxes annually,which will directly benefit Lakewood's tax base to support core services, in addition to supporting our other local government partners--the schools,the county,the MetroParks and the public library. The city is investing in this project through the value of the land,which has an estimated value of between $5 and$6 million.The estimated value is primarily based on the fair market appraisal completed for Cleveland Clinic Family Health Center site in 201.6, and will be confirmed by a market appraisal on the One Lakewood Place site. The city's investment is critical to achieving the above mentioned tangible benefits of the partnership, in addition to creating an opportunity for the city to be a formal partner throughout the design and approval process. One Lakewood Place will secure the long-term land use as a mixed-use site, which is a recognized urban development best practice that promotes and enhances neighborhood vibrancy and economic vitality, diversifies marketplace risk, and provides ample opportunities for people to engage with the project. Carnegie has continued to.be steadfast in its focus on and commitment to the development objectives, its proposal of a true mixed-use project, its approach to public financial support,and its confidenceiand thorough understanding of the marketplace.Specifically,Carnegie continues to address the importance of job creation, high quality urban design,opportunity for a diverse and sizable product mix(office; retail, apartments), and a commtment to forming a true partnership with the city. Carnegie is committed to making this Lakewood's project and is eager to begin the community planning process that will change the character of the project for the better. The city and Carnegie have built confidence that this proposed partnership will deliver tangible results to the community and be a transformative project for the long-term.With the ordinance that follows,we are seeking your approval of the term sheet and related documents to allow for this project to begin in earnest. With an approval by the middle of May,Carnegie will be able to compete and sell this project at one of the nation's largest real estate conventions in the country.We look forward to working together on this important step of the process. Sincerely, Mike Summers, Mayor Sam O'Leary, Council President Bryce Sylvester, Planning Director