Explanation
BACKGROUND: The Stonehenge Company (the "Developer") is or will be the owner of approximately 3.68 acres of property located at 5420 North Hamilton Road (the "Developer Property") within the Northeast area of the Columbus program to Pay As We Grow (“PAWG”) and Grow with a Plan. The original owner of Developer Property, Norma F. Connett, applied for Type I annexation into the City of Columbus. Developer has applied for the rezoning of the Developer Property for the purpose of allowing commercial development. The City, the Developer and Norma F. Connett desire to enter into the Memorandum of Understanding (“MOU”) for the fulfillment of PAWG requirements.
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, should residential development end up occurring. If residences are built, Developer or its successor will be subject to standard Department of Development procedures for the applicable per residential unit payments.
For residential development (if any) and for commercial development, Developer agrees to add Developer Property into the existing community development district in the Northeast PAWG area. Within sixty days of the execution of the MOU, 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 mu...
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