2022-14 - Authorize negotiations with CASTO for downtown development

Home Browse Search

Page 2 Term Sheet for Lakewood Downtown Development March 239 2022 5. Provision of any and all additional information reasonably requested by the City. This Term Sheet will expire at the City's option if: 1. The Term Sheet has not been reviewed, signed, and returned to the City by Developer within thirty (3 0) calendar days of the date of this Term Sheet; 2. There occurs any material adverse change in the financial condition or affairs of Developer from that currently represented to the City such that in the reasonable determination of the City, Developer will be unable. to complete the Project as contemplated by this Term Sheet; 3. A Preliminary and Final Planned Development Plan for the Property is not approved within twelve (12) months from the date of this Term Sheet; or 4. A Development Agreement is not executed within twelve (12) months from the date of this Term Sheet. General Terms & Conditions 1. Project Description. The Project will consist of a multi -story mixed use development located on approximately 5.7 acres of City -owned real property bounded by Detroit Avenue, Belle Avenue and Marlowe Avenue in the City of Lakewood, as generally depicted on the site plan attached hereto as Exhibit A. Developer submitted the Project as part of the Request for Qualifications ("RFQ") issued by the City on February 6, 2017, and as presented in response to the Request for Proposals ("RFP") issued by the City on May 8, 2017. Generally, the Project will include a mix of office, retail, restaurant, commercial and residential space; structured parking; a multi -functional year-round outdoor community space; and adaptive re -use and efforts to preserve of the historic fagade of the Curtis Block building. The Project will demonstrate high quality design and architecture; it will include a balanced and thoughtful mix of uses, will engage and have a strong street and public space presence including significant outdoor spaces, incorporate economically feasible sustainable development practices, create a first class multi -functional outdoor community gathering space, and be supported by the Community Vision, the Development Objectives, and the Architectural Design Guidelines and Standards (copies of which are available at http://www.lakewoodoh.gov/downtowndevelopment/). 2. Project Requirements. a. Office and Retail Development Requirements. The Project will include a mix of office ("Office Component"), retail, restaurant, and other commercial ("Retail Component") users. Except as otherwise provided in this Term Sheet, the Project will target a minimum of 85,000 square feet, combined, of office, retail, restaurant, and commercial space (the "Minimum Combined Commercial Development"), consisting of approximately 60,000 square feet of office space and 25,000 square feet of retail, restaurant, and commercial 17439155v7