2022-14 - Authorize negotiations with CASTO for downtown development

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Page 4 Term Sheet for Lakewood Downtown Development March 23, 2022 feasibility of preservation, as well as such information as the City shall reasonably request regarding the economic impact of preservation on the Developer's ability to undertake the Project. While preservation of the Curtis Block is a Project objective, both the City and Developer acknowledge that alternatives to preservation should be contemplated during the Preliminary and Final Planned Development Plan approval process to allow for a comprehensive assessment of options for the building in the event that preservation is determined to be impractical or impossible. Currently, the facade preservation of the Curtis Block is estimated to cost $2,000,000. Any alternative analysis to preservation must consider how this investment can be redirected and utilized to enhance a replacement building and achieve other objectives of the Project. The Developer and the City may mutually agree upon an alternative to preservation to be agreed upon in the Development Agreement. Developer acknowledges the local historic designation of the building requires a Certificate of Appropriateness to be approved for any exterior alterations of the historic exterior. In the event an alternative to preservation is not agreed to, Developer shall: i. Obtain approval of a Certificate of Appropriateness for the exterior of the Curtis Block building from the Architectural Board of Review ("ABR") which confirms that proposed design plans for the building are in accordance with Chapter 1134; ii. Retain the building's key historic architectural exterior features, and implement measures to preserve the existing exterior form, integrity and materials of the building if economically feasible. Developer, in conjunction with the City, will work with Lakewood Historical Society to salvage items not contributing to the exterior and not being repurposed elsewhere on the Project; iii. Provide appropriate insurance; and iv. As part of the first phase of construction, structurally stabilize and make watertight the Curtis Block building. Any alternative to preservation scenario will be subject to approval by the ABR. In either a preservation or alternative to preservation scenario, the Developer will use commercially reasonably effort and receive input from the City with respect to the highest and best use of the Curtis Block, including considering tenant and use options that support community initiatives, entrepreneurship, organizations, goals and/or programs. d. Community Space/Improvements. i. Community Space. The Project shall include a community -oriented shared space (the "Community Space") that will be improved in a first-class manner with quality materials with the objective of being a programmed, year-round, first-class, multi- functional community gathering and event space. The Community Space shall be of a size approved by the City of approximately 20,000 square feet and appropriate to fulfill the stated objective and shall have substantial frontage on Detroit Avenue. 17439155v7