Explanation
Background: Magnolia Trace LLC (“Developer”) owns or will own approximately +/- 13 acres of property located on the west side of Cherry Bottom Road, known as 5721 Cherry Bottom Road (the “Developer Property”) in the northeast area of Columbus Pay As We Grow (PAWG) program. City Council passed Ordinance No. 3330-2018 on December 13, 2018 that rezoned the Developer Property from R, Rural District to AR-1, Apartment Residential District (Rezoning # Z18-048). This legislation authorizes the Director of the Department of Development to enter into a Memorandum of Understanding (MOU) with the Developer for the fulfillment of PAWG requirements.
In following the City's PAWG policy for the Northeast Area to generate revenue that will pay for regional improvements, the City and Developer agree that in lieu of the Developer making one time per residential unit Pay As We Grow payments to Columbus at the standard Northeast area rate of $2,300 per unit, the Developer shall construct the Regional Improvements outlined in the MOU. Those improvements will include the Big Walnut Greenway Trail, Northern Bike and Pedestrian Trail, Cherry Bottom Share Use Path, and Cherry Bottom Crosswalk.
The Developer shall grant and convey to the City by General Warranty Deed and Tax Agreement certain parcels of land as identified in the MOU for the purpose of facilitating the construction and operation of certain public improvements as further outlined in Article 4 of the MOU.
In following the City's PAWG policy for the Northeast Area, the Developer shall: 1) 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 ...
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