Explanation
Background:
Silver Development and Construction, LTD (“Developer”) is the prospective owner/developer of approximately 142.5± acres of property located at 7642 Hayden Run Road (the “Subject Property”). The Subject Property was annexed into the City of Columbus pursuant to Ordinance No. 2634-2024, adopted by Columbus City Council on October 21, 2024. An application to rezone the Subject Property (Rezoning Application #Z24-038) was approved by the Development Commission in May 2025, and is currently pending approval by Columbus City Council. The Subject Property is located within the Hayden Run corridor and is subject to Columbus Pay As We Grow (PAWG) program requirements for the Northwest PAWG area (the “Northwest PAWG”).
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 Subject 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 an estimated 1,227 residential units constructed, which may be reduced for credit given to account for land conveyances and regional improvements; and 3) take all necessary steps to establish the Hayden Place Community Development District in accordance with R.C. Chapter 349 (the “Authority”). The Developer shall encumber the Subject Property with a Declaration of Covenants and Restrictions (the “Declaration”) for the District that shall require each current and future owner of all or any portion of the Subject Property to pay an annual Community Development Charge, as such term is defined in Section 349.01 of the Ohio Revised Code, to the Authority in an amount of no less than 0.004 multiplied by the "Assessed Value" of such property for a minimum period of twenty (20) years commencing one (1) year after the date of completion of the construction of each res...
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