Explanation
BACKGROUND: DCR Commercial Development LLC (the "Developer") is or will be the owner of approximately 101.77 acres of property located at 4956 Avery Road (the "Developer Property") within the Northwest area of the Columbus program to Pay As We Grow (“PAWG”) and Grow with a Plan. Developer has applied for the rezoning of the Developer Property through Zoning Case Number Z14-010, and through Zoning Ordinance 2733-2015. The City and the Developer desire to enter into the Memorandum of Understanding (“MOU”) for the fulfillment of PAWG requirements, and to itemize responsibilities for road improvement and other public infrastructure projects.
In following the City's PAWG policy for the Northwest Area, to reflect the requirements of the City Thoroughfare Plan, and to reflect the fair share of infrastructure improvements resulting from the mixed residential and commercial developer, the Developer shall make contributions to the City in the form of cash payments to Columbus into its Northwest Corridor Pay As We Grow Fund 771 in the amount of $252,802.51 no later than June 1, 2016 and the balance of $269,178.02 no later than June 1, 2018.
For residential and commercial development, Developer agrees to add Developer Property into the existing community development district in the Northwest PAWG area. Within the timetable identified in the MOU, Developer will encumber the Developer Property with a Declaration of Covenants and Restrictions for the Hayden Run Community Development District (the "HRCDD Covenants"), subject to acceptance of the Developer Property within the HRCDD by the Hayden Run Community Development Authority (the “HRCDA”). The HRCDD 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 HRCDA in an amount equal to 0.004 multiplied by the "Assessed...
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