Explanation
BACKGROUND: Lifestyle Communities, Ltd. (the "Developer") is or will be the owner of the 34.4+/- acres of property located at 6106 Central College Road and is the owner of 16.4+/- acres of property at 6490 Harlem Road (collectively the "Developer Property") within the Northeast Pay As We Grow (PAWG) area. The Columbus Development Commission has recommended approval of the rezoning of the Developer Property to allow for residential and other development.
This ordinance authorizes the Director of Development to enter into the Memorandum of Understanding (“MOU”) with Lifestyle Communities that is on file at the Office of the City Clerk. It deals with Pay As We Grow (PAWG) issues, construction of a capital improvement in compliance with the City 3P Program, and reimbursement exclusively from PAWG sources of Eligible Construction Costs.
In following the City's PAWG policy for the Northeast Area, the Developer shall make a total contribution in the form of cash payments to Columbus in the amount of $2,300.00 multiplied by the number of residential units constructed on the Developer Property. On or before the 15th day of the month immediately following the end of a calendar quarter in which units have been built, the Developer will submit to Columbus a report for the preceding calendar quarter indicating the number and location of residential units built during that quarter, and enclosing payment for that number of units multiplied by $2,300.00 per unit. For a period of time an offset procedure will be followed in lieu of the procedure just described for Developer to meet its PAWG Per Unit Contributions obligation.
Within sixty days of the execution of this agreement, Developer will encumber the Developer Property with a Declaration of Covenants and Restrictions for the Central College Community Development District (the "CCCDD Covenants"). The CCCDD Covenants shall run with the land and shall require each current and future owner of all or any porti...
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