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CASTO / NP Realty Term Sheet Summary CASTO / NP Realty Term Sheet Summary <br /> Framework for Negotiation of the Development Agreement Framework for Negotiation of the Development Agreement <br /> Curtis Block Sustainability Initiatives <br /> Contemplates the firture of the Curtis Blockw-ith the preservation of lnstonc facade while allowing _ Reaffirms that sustainability is an objective of the project and that the Developei mill explore and <br /> adaptive redevelopment of bnilding and acknowledging more anah-sus ma v be necessanv to consider incoipoiate econonnncallv feasible sostamabnlnty and eneigv efficiencv measnies and,if appropriate,seek <br /> alternatives to preservation designations or certifications foreuch measures <br /> Parking Garage. Financial Incentives <br /> Requrires the Developer to constr st,operate,and maintain a parking garage,mducling the provision of _ Acknowledges that the Developer has prehmmnanly demonstrated there is a need for additional financial <br /> public parking and s wenty five(77 parking spaces which the Cite is contractualh-obligated to provide to assistance to complete the project and that,subject to Citv Council approval,such need may be met <br /> the Cleveland Clinic pursuant to existing Agreements. through the establishment of a tax increment financing(TIF)district and/or other measures provided the <br /> Developer continues to demonstrate such need to the Citv <br /> Public Improvements <br /> Makes clear that the Developer has certain obligations to public improvements,including street and Building Trades and Prevailing Wage <br /> streetscape improvements and mandatory inclusion of public artinto the project. _ Requrires a Project Labor Agreement be executed with the Cleveland Building&Construction Trades <br /> Council as condition of Citv incentives and thatlabor be paid a prevailing mage For consideration of the <br /> same <br /> CASTO / NP Realty Term Sheet Summary CASTO / NP Realty Term Sheet Summary <br /> Framework for Negotiation of the Development Agreement Framework for Negotiation of the Development Agreement <br /> Environmental Obligations Transfer Restrictions <br /> Discloses the environmental obligations of the of the piopeitv resulting from the City obtaining a _ Establishes restnctnons on the transfers of the development to ensure a high q uafity development partner, <br /> Covenant Not to Sue from the Ohio Environmental Protection Agency and requires the Developer to similar to CASTO and North Pointe Realtv,is retained. <br /> accept all responsibilities and indemnify the Citv <br /> Community Engagement <br /> Development Agreement and Property Conveyance Process _ Makes clear that comm-mnity engagement is specifically recognized as a vital and integral component of the <br /> Sets Forth the process to complete due diligence,negotiation of the development agreement,and project and that Developer will engage with the community both as part of the regmsnte Board, <br /> conditions that must be met For conveyance of the property Commission,and Citv Council meetings and separate meetings outside of the development review process <br /> Project Completion <br /> Mandates the project will be completed within Four(4)years and that both parties will continue to evaluate <br /> completion dates as the Development Agreement is negotiated <br />