2022-14 - Authorize negotiations with CASTO for downtown development

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May 2, 2022 Lakewood City Council and Mayor RE: Lakewood City Council ("Council") Committee of the Whole Suggestions & Comments Regarding Resolution No. 2022-14 ("Resolution") Authorizing the Negotiation of a Development Agreement Based on the Executed Term Sheet with CASTO and North Pointe Realty ("Developer") for Downtown Development ("Development") Council's Committee of the Whole met five (5) times over during the month of April to consider the Resolution and review and provide feedback on the Term Sheet and Development proposal. Council considered the following: 1. Correspondence from Mayor George, Council President O'Malley, and Director Leininger Summarizing the Term Sheet; 2. Executive Summary of the Term Sheet; 3. Resolution 2022-14; 4. The Term Sheet (which included a preliminary site plan and prohibited uses for the property); 5. Conceptual Elevations; 6. Letter of Understanding Between City of Lakewood and Roundstone Insurance; 7. Community Development Objectives; 8. Market Analysis Summary Comparison Chart; and 9. The Downtown Development Advisory Panel's (""Panel") Summary Comments. Through the Committee of the Whole Meetings, the Developer and Administration presented voluminous information regarding the Development and took feedback from both Council and the public. The purpose of this communication is to express, as succinctly as possible, Council's priorities, desired outcomes, and consolidated commentary regarding the Development as the Administration works towards the Development Agreement. It is Council's intention that the attached document be fully considered throughout the negotiation of the Development Agreement that is intended to be brought to Council for approval later this year. Council sees the adoption of the Resolution, with the attached document included as an Addendum, as the start of the process for the Development and applauds the Administration for what clearly has taken significant effort and time. We are all fortunate, and humbled, to have the opportunity to help craft an important piece of the built environment in Lakewood's Downtown for generations to come. We only have one chance to get this right, so Council has been as thorough and thoughtful as possible in our review. In our municipal government, it is the Administration's role to negotiate the Development Agreement, and Council's role to approve or reject that which is negotiated. Council intends the 1