Explanation
Background:
In late 2002, the city of Columbus became aware of development interest in the Hayden Run Corridor. The city responded to that interest by engaging in a cooperative dialogue with the development community, adjoining municipalities and townships, and various stakeholders that resulted in the Interim Hayden Run Corridor Plan and an unprecedented agreement from the developers to participate in the funding of infrastructure that will benefit the entire northwest quadrant of Franklin County. This ordinance authorizes the Director of Development to execute an agreement that will affirm the commitments and obligations of the city, the county and the developers based upon the Pay As We Grow Plan in the provision of critical infrastructure in the corridor.
Fiscal Impact:
The agreement establishes a $36.4 million infrastructure financing program for regional roadway needs that include $8 million in developer contributions, approximately $17 million in TIF revenues, and nearly $11 million in public sector commitments from Franklin County and the City of Columbus. The agreement also establishes a New Community Authority to help pay for basic city operations such as police and fire services and refuse collection.
Title
To authorize the Director of Development to enter into an agreement with the Franklin County Engineer's Office, MI Homes of Central Ohio, LLC, Dominion Homes, Inc., Huntington Tower Associates, LLC, and Lifestyle Communities Ltd to affirm financing commitments for infrastructure improvements based upon the Pay As We Grow Plan in the Hayden Run Corridor; and to declare an emergency.
Body
WHEREAS, in late 2002 the city of Columbus became aware of significant development interest in the central portion of the Hayden Run Corridor; and
WHEREAS, the city of Columbus responded to that interest by engaging in a cooperative dialogue with the development community, adjoining municipalities and townships, and...
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