Explanation
BACKGROUND: Preferred Real Estate Investments II, LLC (the "Developer") is or will be the owner of the 5.73+/- acres of property located at 5081 and 5115 Warner Road (the "Developer Property") within the Northeast MOU area. On September 8, 2011, the Columbus Development Commission recommended approval of the rezoning of the Developer Property to allow for a multi-family residential development. Ordinance No. 1718-2011, passed by the City Council of the City of Columbus, approved by the Mayor of said City, and attested to by the City Clerk on November 10, 2011, 2010, rezoned the Developer Property from Rural District to Limited Apartment Residential District.
In following the City's PAWG policy for the Northeast Area, the Developer shall make a total contribution in the form of cash payments to Columbus in the amount of $2,300.00 multiplied by the number of residential units constructed on the Developer Property. The entire preceding sentence shall be referred to as the "Developer's PAWG Contributions" hereafter. On or before the 15th day of the month immediately following the end of a calendar quarter in which units have been built, the Developer will submit to Columbus a report for the preceding calendar quarter indicating the number and location of residential units built during that quarter, and enclosing payment for that number of units multiplied by $2,300.00 per unit.
Within sixty days of the execution of this agreement, Developer will encumber the Developer Property with a Declaration of Covenants and Restrictions for the Central College Community Development District (the "CCCDD Covenants"). The CCCDD Covenants shall run with the land and shall require each current and future owner of all or any portion of the Developer Property to pay an annual Community Development Charge, as such term is defined in Section 349.01 of the Ohio Revised Code, to the Central College Community Development Authority in an amount equal to 0.004 multiplied by the "Assessed Value" of such property for a period of twenty (20) years commencing one (1) year after the date of completion of the construction of the residential structures (as evidenced by a Certificate of Occupancy). The Developer agrees to take all necessary steps in a timely manner to include the Developer Property in the Central College Community Development Authority including, without limitation, filing a petition for inclusion of that property with Columbus City Council.
The Developer also supports inclusion of this property within a Tax Increment Financing (TIF) District within Columbus. If requested to do so by the Columbus Development Department, Developer will provide a letter indicating such support and take other reasonable actions in support of said TIF District.
The parties to this Agreement recognize that the size and density of the proposed development on the Developer Property present an opportunity for public and private participation in the completion of the Columbus infrastructure project WARNER ROAD STORM SEWER IMPROVEMENT STORM SEWER PLAN (CC # 16112) (the "Improvements") that will benefit the northeast area of Columbus, including the Developer Property. The Improvements are a portion of the storm sewer improvements to be completed in the Columbus infrastructure project, Warner Road Improvements Phase 1 (CIP# 530161-100089) per Department of Public Service plan number 2765 Dr. E.
An estimate of the materials and services to be paid for by the Developer to Precision Site Work (the "Contractor") for the construction of the Improvements are attached as Exhibit C. Exhibit D outlines only the items, which cost shall not exceed $149,636.62, that Columbus has determined shall be attributable towards reducing the Developer's PAWG Contributions. All other costs and expenses of the Improvements shall be paid by the Developer and shall not be attributable towards reducing the Developer's PAWG Contributions.
If the actual cost of the items in Exhibit D, determined by Columbus construction inspection, is less than the total required Developer's PAWG Contributions, the Developer will pay the difference to Columbus in a lump sum on or before the 15th day of the month immediately following the end of the calendar quarter in which the Improvements are completed. If the cost of the items in Exhibit D exceeds the Developer's PAWG Contributions, the Developer will be responsible for the additional costs associated with the Improvements and shall not be reimbursed for the overage by Columbus.
The Developer shall deposit $24,963.95 to the Department of Public Service for construction inspection of the Improvements. Should the amount of such deposit be insufficient to pay the cost thereof, the Developer shall immediately, upon demand of the Department of Public Service, deposit such additional sums as are estimated by the City Engineer to be necessary. If, upon completion of the improvement, an unexpended balance remains from the deposited inspection funds, the funds shall be refunded to the Developer after the Department of Public Service has processed the final estimate and inspection charges and accepted the work.
The Department of Development is requesting this ordinance to be considered an emergency measure in order to allow for immediate execution of this contract which is necessary to facilitate the completion of the Improvements.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development and Director of Public Service to enter into the Memorandum of Understanding Between City of Columbus, Ohio and Preferred Real Estate Investments II, LLC for fulfillment of Northeast Area Pay as We Grow requirements for Developer Property and completion of Warner Road Storm Sewer Improvement Storm Sewer Plan and take all actions necessary to implement this MOU; and to declare an emergency.
Body
WHEREAS, Preferred Real Estate Investments II, LLC (the "Developer") is or will be the owner of the 5.73+/- acres of property located at 5081 and 5115 Warner Road (the "Developer Property") within the Northeast Pay as We Grow area, and the City and Developer agree that the Developer should comply with standard Pay as We Grow requirements applicable to this area; and
WHEREAS, on September 8, 2011, the Columbus Development Commission recommended approval of the rezoning of the Developer Property to allow for a multi-family residential development; and
WHEREAS, Ordinance 1718-2011, passed by the City Council of the City of Columbus, approved by the Mayor of said City, and attested to by the City Clerk on November 10, 2011, 2010, rezoned the Developer Property from Rural District to Limited Apartment Residential District; and
WHEREAS, the parties to this Agreement recognize that the size and density of the proposed development on the Developer Property present an opportunity for public and private participation in the completion of the Columbus infrastructure project WARNER ROAD STORM SEWER IMPROVEMENT STORM SEWER PLAN (CC # 16112) (the "Improvements") that will benefit the northeast area of Columbus, including the Developer Property; and
WHEREAS, the Improvements are a portion of the storm sewer improvements to be completed in the Columbus infrastructure project, Warner Road Improvements Phase 1 (CIP# 530161-100089) per Department of Public Service plan number 2765 Dr. E; and
WHEREAS, an emergency exists in the usual daily operation of the City in that it is immediately necessary for the Director of Development and Director of Public Service to enter into the Memorandum of Understanding Between City of Columbus and Preferred Real Estate Investments II, LLC in order to allow for immediate execution of this contract which is necessary to facilitate the completion of the Improvements, all for the preservation of the public health, peace, property, safety and welfare; and NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Development and Director of Public Service are hereby authorized to enter into the Memorandum of Understanding Between City of Columbus, Ohio and Preferred Real Estate Investments II, LLC (the "Developer") for fulfillment of Northeast Area Pay as We Grow requirements for Developer Property and completion of the WARNER ROAD STORM SEWER IMPROVEMENT STORM SEWER PLAN (CC # 16112) (the "MOU") and take all actions necessary to implement this MOU.
Section 2. The size and density of the proposed development on the Developer Property present an opportunity for public and private participation in the completion of the Columbus infrastructure project WARNER ROAD STORM SEWER IMPROVEMENT STORM SEWER PLAN (CC # 16112) (the "Improvements") that will benefit the northeast area of Columbus, including the Developer Property. The Improvements are a portion of the storm sewer improvements to be completed in the Columbus infrastructure project, Warner Road Improvements Phase 1 (CIP# 530161-100089) per Department of Public Service plan number 2765 Dr. E.
Section 3. The City and Developer accept that the Developer shall make a total contribution in the form of cash payments to Columbus in the amount of $2,300.00 multiplied by the number of residential units constructed on the Developer Property.
Section 4. The Department of Public Service will accept a deposit of $24,963.95 from the Developer for construction inspection of the Improvements. Should the amount of such deposit be insufficient to pay the cost thereof, the Developer shall immediately, upon demand of the Department of Public Service, deposit such additional sums as are estimated by the City Engineer to be necessary. If, upon completion of the improvement, an unexpended balance remains from the deposited inspection funds, the funds shall be refunded to the Developer after the Department of Public Service has processed the final estimate and inspection charges and accepted the work.
Section 5. The City has determined that up to $149,636.62 of the cost of the Improvements shall be attributable towards reducing the Developer's PAWG Contributions. If the actual cost of the items in Exhibit D of the MOU, determined by Columbus construction inspection, is less than the total required Developer's PAWG Contributions, the Developer will pay the difference to Columbus in a lump sum on or before the 15th day of the month immediately following the end of the calendar quarter in which the Improvements are completed. These funds shall be deposited into Northeast Corridor Equity Fund 772.
Section 6. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.