2022-14 - Authorize negotiations with CASTO for downtown development

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Page 5 Term Sheet for Lakewood Downtown Development March 23, 2022 Ownership, maintenance, and use of the Community Space will be the responsibility of Developer, or other authority as is defined below, if mutually agreed by Developer and the City, with the City enjoying certain rights for access, use, programming and other rights which will be fully described in the Development Agreement. The City will provide appropriate and adequate insurance coverage for City events held within the Community Space which shall name Developer (and property owner, if different from Developer) as an insured and to be further detailed in the Development Agreement. (A) Developer shall annually reserve sufficient funds in its operating budget solely for maintenance of and capital repairs to the Community Space and shall annually provide the City a copy of such budget and evidence of the amounts in the reserve fund. (B) Developer and the City will discuss the formation and operation of a New Community Authority ("NCA"); declaration of covenants and/ or Special Improvement District (" SID") to perform one or more of the ownership, maintenance or use functions of the Community Space. (C) The Community Space must be designed to the plans and specifications of the City and be approved through the required ABR and Planning Commission process. ii. Public Art. Public Art is important to the quality of life of the City. Developer will work with the City to identify and implement or financially support opportunities for public art, including but not limited to murals, lighting, sculptures, seasonal or annual temporary installations, and other displays as approved by the City. iii. Required Public Improvements. (A) Developer shall be responsible for the construction of the Community Space, sidewalk replacement and streetscape improvements along Detroit, Marlowe, and Belle Avenues, including the purchase and installation of a transit waiting environment on Detroit Avenue for the Greater Cleveland Regional Transit Authority (GCRTA), should a stop be desired by the GCRTA along the frontage of the Property. Developer also shall be responsible for the construction of new public and private streets and alleys internal to the Property. Developer and the City will discuss the use of funds from a tax increment financing district, SID, and/or new community authority to provide reimbursements of public improvement costs to Developer for those improvements which are contemplated in this paragraph and throughout this subsection (iii). (B) The City has disclosed, and Developer acknowledges, that there is a buried storm sewer traversing the southwestern portion of the Property. Developer understands it may be necessary to relocate said storm sewer because of the Project or to incorporate the storm sewer drainage into the Proj ect's infrastructure, if not already complete, all of which will be included in the Property Improvement MOU (as hereinafter defined). (C) Developer will explore opportunities to bury utilities along Detroit Avenue and implement such measures if economically feasible. 17439155v7