Explanation
Background:
As a result of development interests in the Hayden Run corridor, the city of Columbus engaged in a cooperative dialogue with the development community, adjoining municipalities and townships, and various stakeholders that resulted in the Interim Hayden Run Corridor Plan and an unprecedented agreement with the development community. This agreement, consistent with Mayor Coleman's Pay As We Grow policies, involved commitments from the developers to participate in the funding of infrastructure that will benefit the entire northwest quadrant of Franklin County. Dominion Homes, Inc. has a pending rezoning application, Z06-045, for 319 acres generally located to the west of Cosgray Road and to the south of Rings Road. The site lies within the western sub area of the 2004 Interim Hayden Run Plan. This ordinance authorizes the Director of Development to execute an agreement that will affirm the commitments and obligations of Dominion Homes as they pertain to the Pay As We Grow Plan established in First Hayden Run MOU on November 22, 2004 (Ord. 0176-2006).
Fiscal Impact:
Dominion Homes agrees to make a total contribution estimated at $2,952,600. This estimate is based on $1,658 multiplied by the number of residential units constructed on the Dominion property. This contribution will be provided in the form of cash payments; agreed value of dedicated land value; and agreed value of developer-completed road and/or other public improvements. In addition to these contributions, Dominion Homes agrees to include the referenced land in the Hayden Run Community Development District. The City of Columbus will create new Hayden Run Tax Increment Financing Districts to encompass the Dominion Property, which will in turn finance infrastructure improvements in the area.
Title
To authorize the Director of Development to enter into a Memorandum of Understanding with Dominion Homes, Inc. to affirm financing commitments based upon the Pay As W...
Click here for full text