2022-14 - Authorize negotiations with CASTO for downtown development

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Page 6 Term Sheet for Lakewood Downtown Development March 23, 2022 (D) Private Avenues and Access Drives shall be constructed to Lakewood's City Standards unless otherwise approved by the City and Developer shall be responsible for any and all maintenance thereof. e. Historical Significance. The City and Developer acknowledge the historical significance of the Property to the Lakewood community. To the extent possible and practical through the design process, Developer shall make an effort to honor such history and incorporate it into the design and/or programming of the Project. f. Traffic Requirements. i. Unless otherwise approved by the City, all public streets must remain open during the construction of the Project. Developer shall use commercially reasonably efforts to keep all public streets reasonably free of dirt and debris during construction consistent with Projects of this type. ii. Developer and its contractor shall provide a construction traffic plan to the City for approval. Such plan shall be sensitive to the existing residences on Marlowe and Belle Avenues and limit obstruction of daily use and connectivity to the existing street network. iii. A traffic impact study is required to be completed as part of the Planned Development zoning process. Such traffic impact study shall be completed in accordance with standards of the City and State of Ohio Department of Transportation. g. Parking Requirements. i. On site, adjacent, and proximate parking is critical to the success of the Project. Parking requirements for the Project will be determined primarily by the final Project size and occupant mix and will be satisfied through: (A) On -site structured parking owned by Developer or another entity approved by the City; (B) Existing public parking/ shared parking proximate to the Project; and (C) Comprehensive wayfinding signage program. ii. Developer has been advised that the City has certain parking obligations related to the Project under Section 2.2(b) and (c) of that certain Master Agreement among the City, Lakewood Hospital Association and the Cleveland Clinic Foundation, dated December 21, 2015, including but not limited to the provision of [75] spaces for use of the Clinic under certain terms and conditions specified therein. The City will continue to explore a mutually acceptable alternative approach to satisfying these obligations prior to execution of the Development Agreement, including but not limited to availability of designated spaces within the structured parking included within the Project. A complete and accurate copy of the Master Agreement shall be provided to Developer for its review while the Development Agreement is being negotiated. 17439155v7