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Page 12 <br />Term Sheet for Lakewood Downtown Development <br />March 23, 2022 <br />indemnify the City with regard to all environmental covenants and obligations. The City <br />has obtained a Covenant Not to Sue from the Ohio Environmental Protection Agency for <br />the Property. <br />e. Site Work. Beyond the current plans to bring the grade of the Property to or near street <br />level, the City is not required to complete any additional site work prior to the transfer of <br />the Property to Developer. The City and the Developer will enter into a separate <br />Memorandum of Understanding (the "Property Improvement MOU") regarding terms and <br />conditions of the improvement of the Property to Developer mutually satisfactory to the <br />City and the Developer and consistent with the terms hereof. <br />f. Closing Costs. Developer shall be responsible for closing costs including, without <br />limitation, costs related to the title commitment, title policy, title endorsements and <br />recording fees. <br />g. Reimbursement. Developer shall reimburse the City, at a minimum, for any third -party <br />consulting fees to review and prepare legal documents and provide analysis of any <br />incentive requests which shall be eligible for reimbursement from TIF revenue as set forth <br />in the Development Agreement. Such reimbursement will be due at closing. Developer <br />will be required to pay customary City building and engineering permit, review and <br />inspections fees. Additional reimbursements shall be negotiated in connection with the <br />preparation of the Development Agreement. <br />h. Items for Return. Should the two (2) existing submersible pumps and transformer, or any <br />portion thereof, remain following the Property conveyance, upon completion of their use, <br />Developer shall deliver the two (2) existing submersible pumps and the transformer, or any <br />portion thereof, to the City's Waste Water Treatment Plant, 1699 Valley Parkway, <br />Lakewood, Ohio 44107. <br />8. Community Engagement and Reporting Requirements <br />a. Developer acknowledges that community engagement is a critical component of the Proj ect <br />and will cooperate with the City during the planning stages of the Project to gather and <br />incorporate input from the Lakewood community and will specifically engage with <br />property and business owners and organizations in the Downtown Lakewood district, as <br />well as residents on residential streets surrounding the Property. <br />b. Developer and the City will agree to a mutually acceptable schedule of status updates and <br />meetings throughout the design and construction of the Project as well as a communication <br />plan to be incorporated into the master schedule. <br />9. Maintenance and Programming. Developer will maintain the Project in a first-class manner, <br />consistent with the operations and maintenance plan submitted in response to the RFP and other <br />high -quality mixed -use developments in Northeast Ohio, including necessary mulching, grass <br />cutting, pruning, watering, etc., and will comply with an operations and maintenance plan for the <br />Project to be mutually agreed upon by the City and Developer. Post construction storm water and <br />environmental covenants maintenance and inspections will be required. <br />17439155v7 <br />