Explanation
Background: PulteGroup Home Construction Company (“Developer”) owns approximately 23.326 acres and have executed a contract to purchase approximately 20.671± acres of property to be redeveloped at 7099 Harlem Road. Columbus City Council passed Ordinance 1703-2017 on September 20th 2017 thereby rezoning the Developer Property PUD- 4 for Planned Unit Development District (Rezoning #Z16-086).
This legislation authorizes the Director of the Department of Development to enter into a Pay as We Grow Agreement (“Agreement”) with the Developer for the fulfillment of PAWG requirements.
The north 23.326 acres of the Developer Property is owned by Pulte who is developing at least 56 units (the “Phase I Property”). The southern 20.671 acres of the Developer Property is in contract to be purchased by Pulte and is zoned for 50 units (the “Phase II Property”). The Developer agrees to make per residential unit Pay as We Grow payments to Columbus at the standard Northeast area rate of $2,300 per-unit.
In following the City's PAWG policy for the Northeast Area, the Developer shall: 1) encumber the Developer Property with a Declaration of Covenants and Restrictions for the Central College Community Development District (the "CCCDD Covenants"), subject to acceptance of the Developer Property within the CCCDD by the Central College Community Development Authority (the "CCCDA"). 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 CCCDA 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). Within ninety days of the execution of the Pay as We Grow Agreement, the ...
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