2022-14 - Authorize negotiations with CASTO for downtown development

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Ensure continual active usage of commercial units Include a "'no go dark clause" in the Development Agreement that requires the Developer to require their tenants Oflarge ground floor spaces /approx 3,OOOsquare feet and larger) tO not be closed for business for a substantial period of time but under an active lease. If the tenant goes dark, Developer should be required to makeb efforts fill the retail Engage with existing Lakewood small businesses and commit to researching and responding to commercial trends before, during and after the Development Consulting Lakewood's small business groups such as the Downtown Lakewood Business Alliance, the West End and Uptown Business groups, Lakewood Alive, and the Chamber Of Commerce will help inform the Development from inception., prevent undue competition from national brands, and enable the Developer and City tolearn from their expertise onthe Lakewood market. The Term Sheet states that 25% of the gross retail and restaurant leasable area shall be local, regional, or state businesses. It is not fully known how this development will impact commercial lease rates and maintenance in other buildings. Council's hope is -,that this new retail space will encourage other commercial property owners toimprove their properties for the snna|| businesses who currently lease them, but [ounci|'s concern isthat commercial landlords will use the Development to raise rates without corresponding improvements, which could incentivize existing businesses to swap old leases for new and create vacancy shuffles. Continued dialogue and study will be necessary to support current business owners and grow Lakewood"s commercial success. a|ntegrated Wet Weather|mprovementMan(IWWIP)https://www.lakewoodoh.gov/a�ccordions/integrated-wet- weather -improvement plan-iwwip'phase-one/ ^CUmateActinnP|anhttps://www.|akewoodoh.gov/dimateactionp|an/ 7-