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Page 9 <br />Term Sheet for Lakewood Downtown Development <br />March 23, 2022 <br />Project will be constructed of high -quality materials in accordance with the plans and <br />specifications approved by the ABR and the Planning Commission. "High quality <br />material" shall mean durable and authentic materials containing thoughtful detailing. <br />b. The Project will reflect a "four-sided" design that is aesthetically and contextually <br />appropriate from all building elevations as approved by ABR. The Project will seamlessly <br />integrate with the design, massing and materials of existing commercial buildings in <br />Lakewood. In particular, Developer will work with the City to arrive at a mutually <br />acceptable and appropriate transitioning of the massing of building(s) to integrate with the <br />existing houses located on Belle Avenue and Marlowe Avenue, as approved by ABR and <br />the Planning Commission. <br />C. The Project will promote pedestrian and vehicular connections with the existing <br />neighborhood. <br />d. In addition to the formal approvals described below, Developer will coordinate with the <br />City on all aspects of the Pro as ect, including, in particular, on the design of the Community <br />Space. Developer will prepare and submit to the City for approval its plans for the exterior <br />configuration, appearance, orientation, and permitted uses of the Project. The City will <br />cooperate with Developer in obtaining all such approvals and shall be a co -applicant on all <br />applications that are required to be reviewed and approved in public meetings. <br />i. RezoninwLot Split and Consolidation. In connection with the Project, the Property <br />will need a new Preliminary and Final Planned Development Plan approved, as <br />more particularly described in Chapter 1156 of the Lakewood Zoning Code. The <br />parties will work together to commence the rezoning process as soon as possible <br />following or concurrent with City Council acceptance of the term sheet. Developer <br />shall engage a surveyor to undertake a lot consolidation and any lot splits required <br />for the development of -the Project. <br />ii. ABR and Planning Commission Approvals. The plans and specifications for the <br />Project will be subject to review and approval by the ABR and the Planning <br />Commission. Any material deviation from the final approved plans will be subject <br />to City approval. These approvals are required to be complete prior to the transfer <br />of the Property. <br />5. Sustainability. In addition to meeting the Development Objectives relating to sustainability, <br />Developer in good faith will explore design and certification options for the Project that prioritize <br />renewable energy, energy efficiency, reduced carbon footprint, alternative transportation and <br />green infrastructure, which may include, to the extent economically feasible, the following <br />elements: <br />a. On -site renewable energy (examples may include installation of solar panels and/or <br />geothermal); <br />b. A car and/or bicycle share program, ample bicycle facilities, including dedicated, secure <br />storage areas, and electric vehicle charging stations, or other alternative transportation <br />options; <br />17439155v7 <br />