Explanation
Background:
Western Property LLC (“Developer”) owns approximately 264± acres of property located at 5141 Cosgray Road (the “Developer Property”). The Developer Property is situated in the Hayden Run corridor and is to subject to Columbus Pay As We Grow (PAWG) program requirements for the Northwest PAWG area (the “Northwest PAWG”). The Developer Property was initially rezoned by Dominion Homes, Inc. (“Dominion”) in 2006 pursuant to Ordinance No. 1890-2006 (Rezoning # Z06-045). Under the authority of Ordinance No. 1991-2006, the City and Dominion entered into a Memorandum of Understanding on January 24, 2007 (the “Hayden Run II MOU ”) outlining PAWG commitments and obligations as it pertained to the rezoning. In 2007, Dominion transferred the Developer Property to the Developer and assigned the Hayden Run II MOU to the Developer pursuant to the limited warranty deed recorded with the Franklin County Recorder’s Office on March 30, 2007 as Instrument No. 200703300054970.
The Developer has applied to rezone the property pursuant to Rezoning Application # Z23-063 which is currently pending Columbus City Council approval of Ordinance No. 2921-2024 (the “New Rezoning”). The development proposed under the New Rezoning is more substantial and will require more substantial regional improvements than those contemplated under the Hayden Run II MOU. Therefore, pursuant to the New Rezoning, the Developer is required to execute a new agreement with the City to affirm updated PAWG commitments and obligations.
In following the City's Northwest PAWG policy to generate revenue that will pay for regional improvements, the Developer shall: 1) support the inclusion of the Developer’s Property within one or more Tax Increment Financing (TIF) Districts to be established by the City in accordance with Ohio Revised Code (“R.C.”) 5709.40; 2) make one-time per unit contributions of up to $1,700 for up to the maximum number of 2,050 units constructed, which may be reduced f...
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