Explanation
BACKGROUND: Lifestyle Communities (the "Developer") is or will be the owner of approximately 13.87 acres of property located at 5440 Morse 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 owners of Developer Property, Warren and Carolyn Roberts, applied for Type I annexation into the City of Columbus. Developer has applied for the rezoning of the Developer Property for the main purpose of allowing residential development. The City and the Developer 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. Developer or its successors will be subject to standard Department of Development procedures for these per residential unit payments.
For residential and 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 multiplied by the "Assessed Value" of such property for a period of twenty (20) years commencing one (1) year after the...
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