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 ...
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