mincow 05-02-22 - Laserfiche WebLink

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nu nu olu 0 " .............. .............. ......... ........ ...... .......... ........ ....... ..... Council wants to preserve the locally historically designated Curtis Block Building to greatest extent possible with an emphasis on preserving four corner street-car design of the corner of Marlowe and Detroit and paying homage to original structure with elements throughout. Council recommends that the Administration and the Developer consult and make best efforts to work with the Lakewood Heritage Advisory Board throughout the process. II III III I� ��Iirovide uregt,II4ur (urrmouint IIIy oir ui moire) °Ill!'oin nWI t,iIII dateto Cot.m ncuIII While the Administration referenced an $18 million gap in funding the Development, Council requires much more information to understand the financials (including a succinct and easily understandable sources and uses document) and the financial incentives that the Administration is considering seeking approval from Council to grant the Developer for the Development. The Administration's discussion of the Community Reinvestment Act ("CRA") Abatement and Tax Increment Financing ("TIF") have been helpful, but to date have only been conceptual. During the process Council may consult with an independent financial incentives expert to ensure that what is proposed is consistent with the market. That said, in line with Council's desire for increased density (both residential and commercial) and future adaptability(parking garage), Council would be willing to consider strategically investing Lakewood funds (including the Lakewood Hospital Fund) if the return on investment can reasonably be shown. Council looks forward to working with the Administration on this portion of the Development as it will likely be the portion that has the most Council input. luindlk,ide Cot.iuncflll urelll ureseuntafioin whGllle uinegotN�ifiuing the De%teIIoIll ui ieiiiii,t A,giii,e�� iiii rieiiii 't. In light of the Administration's aggressive timeline, to ensure Council is engaged and updated on the crafting of the Development Agreement, Council would like Council representation dedicated to working with the Administration, the Developer, and the Downtown Development Advisory Panel on the Development Agreement. This approach was used with the previous development plan for the Property. The Council representation will help keep the rest of Council informed of the process and cut down on information gaps between the Administration and Council to ensure the tight proposed timeline can be met. Moreover, Council would like to see the Administration solicit additional input from the Downtown Development Advisory Panel before the Development Agreement is finalized. 8