Explanation
BACKGROUND: M/I Homes of Central Ohio, LLC (the "Developer") is or will be the owner of the 11+/- acres of property located at 5690 Sunbury Road (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.
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, which is expected to be 28 units. 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 against public infrastructure expenses will be followed in lieu of the procedure just described for Developer to meet its Per Unit Contributions obligation under the PAWG policy.
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"), subject to acceptance of the Developer Property within the CCCDD by the Central College Community Development Authority (the “CCCDA”). The CCCDD 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 CCCDA in an amount equal to 0.004 multiplied by the "Assessed Value" of such property for a perio...
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