2022-14 - Authorize negotiations with CASTO for downtown development

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Referred to COW 04/04/22 Please substitute for original Baker, Bullock, Kepple, Litten, RESOLUTION NO. 2022-14 BY: Rader, Shachner A RESOLUTION to take effect immediately provided it receives the affirmative vote of at least two thirds of the members of Council, or otherwise to take effect and be in force after the earliest period allowed by law, authorizing the negotiation of an agreement by and between the City of Lakewood, Ohio, a municipal corporation and political subdivision in and of the State of Ohio (the "City") and CASTO and North Pointe Realty, related to the development of City -owned property at the southeast corner of Detroit Avenue and Belle Avenue. WHEREAS, after an extensive period of due diligence and public input, the City has engaged in a process for identifying an appropriate developer and development plan for the City - owned property at the southeast corner of Detroit Avenue and Belle Avenue, known as the former Lakewood Hospital site, and following that process has identified CASTO as the most appropriate partner for such development; and WHEREAS, the City administration and CASTO have arrived at a shared vision to invest in the development of the Lakewood Hospital site, in a way that is beneficial to the citizens of Lakewood, including by providing a mix of office, retail and residential space, structured parking, and a multi -functional outdoor public space; and WHEREAS, pursuant to the Constitution of the State of Ohio, the Ohio Revised Code and the Third Amended Charter of the City of Lakewood, municipalities have the power to enact laws that are for the health, safety, welfare, comfort and peace of the citizens of the municipality, and to provide for local self-government; and WHEREAS, as set forth in Section 2.12 of the Third Amended Charter of the City of Lakewood, this Council by a vote of at least two thirds of its members determines that this resolution is an emergency measure and that it shall take effect immediately, and that it is necessary for the immediate preservation of the public property, health, and safety and to provide for the usual daily operation of municipal departments, in that negotiation of a development agreement will assist in returning this property to a viable use; now, therefore BE IT RESOLVED BY THE CITY OF LAKEWOOD, OHIO: Section 1. The City authorizes the negotiation of a development agreement with CASTO for the development of the City -owned property at the southeast corner of Detroit Avenue and Belle Avenue, known as the former Lakewood Hospital site, based on the fully executed Term Sheet attached hereto as Exhibit 1 ("Term Sheet"). Section 2. The negotiated development agreement shall be subject to the final approval of Council.