Explanation
Background:
The purpose of this ordinance is to authorize the Director of Development to execute the First Amendment to the Memorandum of Understanding (the "MOU") with MI Homes of Central Ohio, LLC, Dominion Homes, Inc., and Homewood Corporation to affirm and update financing commitments for infrastructure improvements based upon the Pay As We Grow Plan in the Northeast Corridor, and to add Village Communities Corporation and Murphy Development Company as parties.
In 2004, the City of Columbus became aware of development interest in the Northeast Corridor. The city responded to that interest by engaging in a cooperative dialogue with the development community to develop a Pay As We Grow plan for that area of the City to effectively manage development and secure the developers' participation in the funding of infrastructure that will benefit the entire northeast quadrant of Franklin County. Ordinance 2153-2005 was enacted December 12, 2005 authorizing the Director of Development to execute an agreement that affirmed the commitments and obligations of the city and the developers based upon this Pay As We Grow Plan in the provision of critical infrastructure in the Northeast Corridor. The parties to that original Northeast MOU have acted in good faith to execute it and generally believe it to have been constructive. Nevertheless, some circumstances have changed sufficiently for it to be advisable to update aspects of that MOU by authorizing this First Amendment thereto to add parties and make other appropriate adjustments.
Fiscal Impact:
No city funding is required for this legislation. The amendment reaffirms developer contributions of $2,300 per unit for a financing program for regional infrastructure needs.
Title
To authorize the Director of Development to execute the First Amendment to the Memorandum of Understanding with MI Homes of Central Ohio, LLC, Dominion Homes, Inc., and Homewood Corporation to affirm and update financing...
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