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that a separate economic development agreement between the City and Roundstone will come before Council. Director Leininger reviewed each key component of the proposed project including office, retail & commercial, residential, community space, Curtis Block, and parking garage. The following highlights were shared: • Roundstone Insurance is committing to owning floors 2-4 of Class A office space. • There will be 12,000 square feet of office space facing Detroit on the first floor of the office building plus an additional 17,000 square feet in the Curtis Block. • The majority of the project is dedicated to residential space with 204 units. Residential structures will range from 2-5 stories. 20%, or 41 units will be deemed affordable. The majority of units will be rentals. • The community space will be mid-block and will aim to support year-round programming and support the first-floor commercial spaces. • Preservation of the historic facade of the Curtis Block is being proposed at a cost of$2 million. Full preservation would require subsidization. • A parking lot with 504 spaces will be shared among all users. Previous agreements stipulate that 75 spaces must go to Cleveland Clinic. Landscaping and high-quality architecture will be used to blend the garage into the streetscape. It will face Belle Ave, Director Leininger discussed how the project fits in with the overall market demand, as determined by a 2017 study. He concluded that the project is a good match for what the market needs and does not exceed market demands. Director Leininger explained that the term sheet sets the general terms, conditions, and goals of the project and reviewed key features of the term sheet. The following highlights were shared: • The term sheet is non-binding, and the city has the ability to walk away. The term sheet also sets in place markers for progress and the city can walk away if progress lags. • The term sheet also contemplates that an assistance package will be needed, most likely in the form of a TIFF, with details yet to be determined. • The term sheet stipulates that prevailing wage must be paid for all construction jobs on the site and that a Project Labor Agreement must be entered into with the Cleveland Building and Construction Trades Council in order for CASTO to receive any city assistance. • The term sheet sets forth expectations about community engagement regarding the process moving forward. Director Leininger explained the terms and conditions being discussed with Roundstone Insurance. The City intends to establish a grant program that is contingent upon meeting economic development goals such as job retention and creation. Director Leininger referred Council to the final report of the Advisory Panel which met four times within the past 10 months to discuss the project. Ultimately, the advisory panel recommended advancing the proposal and determined that that it met the city's development objectives. 2