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r <br />O <br />040 <br />12650 D ETRO I T AVENUE • 44107 • 216-521-7580 <br />March 23, 2022 <br />CASTO / North Pointe Realty <br />Brent Sobzak <br />President <br />250 South Civic Center Drive, No. 500 <br />Columbus, Ohio 43215 <br />RE: Term Sheet for Lakewood Downtown Development <br />Dear Mr. Sobzak: <br />MEGHAN F. GEORGE <br />MAYOR <br />The City of Lakewood ("City") is excited to partner with CASTO and North Pointe Realty (collectively, <br />"Developer") on the redevelopment of the former hospital site in Downtown Lakewood. As an Ohio -based <br />developer, CASTO has successfully built complex, high quality urban projects around the country and <br />consistently ranks nationally as one of the best residential and commercial real estate developers and <br />property management companies. Locally, North Pointe Realty is an outstanding full -service commercial <br />real estate development, property management, leasing, and brokerage firm with offices in Mayfield <br />Heights, Lakewood and Akron. North Pointe Realty has long-standing local relationships with the <br />Lakewood business community and brings office building expertise from the development of more than 40 <br />projects throughout Northeast Ohio. This is a tremendous partnership bringing the necessary talent and <br />experience to reposition this important property as a high quality, mixed use development anchoring our <br />Downtown. <br />To this end, the City and Developer have agreed to the general terms and conditions of the redevelopment <br />of the site ("Project") currently identified as 14501 and 14519 Detroit Avenue (parcels 314-07-007, 314- <br />07-0089314-07-014, and 314-07-017) ("Property"). While this general agreement represents a significant <br />step in the redevelopment process, there is still much work to be done to refine these generalities into a <br />detailed development plan and agreement. <br />This Term Sheet establishes the general terms and conditions of a potential transaction between the City <br />and Developer for the proposed Project that will be further defined by a Development Agreement and is <br />based upon, but not limited to, and subject to the following conditions: <br />1. Approval by Lakewood City Council; <br />2. The general terms and conditions contained herein; <br />3. Documentation satisfactory to the City; <br />4. Confirmation by the City that the Developer has sufficient financing for the Project; and <br />www.lakewoodoh.gov <br />4% <br />17439155v7 i'a <br />