Explanation
Background: Metro Development LLC (“Developer”) owns or will own approximately +/- 6.3. acres of property located on the east side of Sunbury Road known as 5850 Sunbury Road (the “Developer Property”) in the northeast area of Columbus Pay As We Grow (PAWG) program. City Council passed Ordinance No. 0041-2019 on February 13, 2019 that rezoned the Developer Property from L-ARLD, Limited Apartment Residential (Rezoning # Z18-051). 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 through per unit payments at $2,300 per unit.
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 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 date of completion of the construction of the residential structures (as evidenced by a Certificate of Occupancy). Within ninety days of the execution of the MOU, the Developer will take all necessary steps to include the Developer Property in the Central College Community Development Authority, including, without limitation, filing with the Columbus City Council a petition for the inclusion of De...
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