Explanation
Background: City Council passed Ordinance No. 0349-2005 establishing tax increment financing (TIF) incentive districts over properties in the Hayden Run Corridor including those in the Hayden Crossing plats north of Hayden Run Boulevard (the “Hayden Run North TIF”). Ordinance No. 1991-2006 authorized the City to enter into a Memorandum of Understanding dated November 20, 2006 (the “Hayden Run II MOU”) with Dominion Homes, Inc. (“Dominion”) concerning the development of property directly to the west of the Hayden Run North TIF. The City and Dominion (including its successors) made certain commitments to each other including, but not limited to, funding the design and construction of public infrastructure improvements identified in the Hayden Run II MOU. Pursuant to a limited warranty deed, in 2007, Dominion assigned the Hayden Run II MOU and transferred the property thereunder (hereafter known as “Jameson Estates”) to Western Property LLC (the “Developer”).
Jameson Estates was rezoned again pursuant to Ordinance No. 2921-2024 to allow the development of a mix of residential unit types on Jameson Estates not to exceed 2,050; a joint police and fire facility; commercial uses including retail uses for a convenience store with gasoline sales, daycare uses, or a restaurant; and private and public open spaces. Ordinance No. 2921-2024 also required substantially different public infrastructure improvements to be completed by the Developer for the development of Jameson Estates than what was in the Hayden Run II MOU. Therefore, the City and the Developer have agreed to terminate the Hayden Run II MOU and enter into the Jameson Estates Pay As We Grow Agreement (the “PAWG Agreement”) authorized by Ordinance No. 3217-2024. According to the PAWG Agreement, the Developer requested and the City committed from the Hayden Run North TIF to contribute a portion of the financing for the public infrastructure improvements identified in Ordinance No. 2921-2024 and the PAW...
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