2022-14 - Authorize negotiations with CASTO for downtown development

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Page 8 Term Sheet for Lakewood Downtown Development March 23, 2022 (A) Developer's commitment to construct the Project in a first-class manner and in accordance with the Development Objectives, including the Community Space and other components described in this letter; (B) Inclusion of sustainability features, as more particularly described elsewhere; and (C) The other economic benefits that are anticipated to be realized by the construction of the Project, and as part of the City's investment in the Proj ect. ii. Conveyance of the Property to Developer shall be subject to Developer demonstrating to the City's reasonable satisfaction that it has satisfied the following conditions: (A) Simultaneous closing for commercial loans to finance one or more portions of the construction of the Community Space, the office, retail/ commercial components of the Pro j ect, and the parking garage, and executed commitment letters from one or more lenders sufficient for financing the balance of such components, together with confirmation from such lender(s) that they are prepared to close such financings within sixty (60) days; (B) Developer and the City have commenced negotiating a mutually acceptable operations and maintenance plan for the Community Space; (C) Developer, with assistance and support from the City, has obtained the necessary rezoning and any required lot splits or consolidations contemplated below; (D) Architectural Board of Review and the Planning Commission have approved the plans and specifications for the Project as contemplated by below; (E) Developer to provide evidence of executed purchase contract or similar instrument satisfactory to the City regarding acquisition of first floor lobby and floors 2-4 by Class A office user upon completion; and (F) Such other customary closing conditions to be more particularly described in the Development Agreement. iii. If the foregoing conditions to transfer of the Property are not satisfied within four (4) months after the expiration of the Due Diligence Period, the City shall have the option of terminating the Development Agreement, and upon such termination, the parties will have no further rights or obligations under the Development Agreement except for provisions of the Development Agreement that expressly survive termination. The City and Developer will work in good faith to extend such period so long as the Developer has demonstrated diligence and progress in pursuing satisfaction of any remaining conditions as agreed upon by the City. 4. Design and Construction Guidelines. a. The Project will be designed in accordance with the Zoning Code, adopted Architectural Design Guidelines and Standards, and the Development Objectives. In addition, the 17439155v7