Felicity First-time Homebuyer Project Charter

The Felicity First-time Homebuyer Project (the Project) is being developed to provide high-quality housing options to primarily first-time homebuyers in the Felicity-Franklin community. Currently, working families in the community looking to buy their first home are faced with limiting choices: new homes in the Township are too costly for many families buying their first home and homes in the Village are too small and outdated to make them a sensible investment. In addition to meeting this gap in the market, the Project will serve to promote homeownership and community investment in Felicity, where homeownership rates are 30% lower than in Clermont County as a whole. The project will also generate considerable property taxes, the majority of which will benefit the local community. The Project is expected to generate additional economic impact as new households support existing and new businesses. Additionally, the Project represents a "smart growth" or sustainable approach to community development - taking advantage of existing infrastructure including sewer and water, the project minimizes the loss of farm land and natural resource areas.

The concept for the Project grew out of Clermont 20/20 Inc.'s extensive work with numerous Felicity-Franklin community members and is in direct response to the priority concerns of residents, who are troubled by a falling homeownership rates, an outdated housing stock and physical blight. In assessing the feasibility of the Project, Clermont 20/20 has surveyed the current infrastructure of the community (school capacity, sewer capacity, etc.), data concerning current market conditions, and demographic and other trends impacting the community. Through our assessment we have concluded that there is a market for the Project, that current infrastructure capacity exceeds any demand that the project may place on it, and that the Project will have a positive impact on the community.

Clermont 20/20 Inc. has developed the concept for the Project and raised funds in order to attract a for-profit partner and help offset the increased risk that they assume in developing in an unproven market. In recognition of their impressive portfolio of projects to date, the local, regional and national attention their developments have received, their commitment to community development and revitalization and their strong connections to Clermont County, Clermont 20/20 Inc. has chosen Potterhill Homes as our development partner. With projects currently underway in Miami Township and in Lebanon, Ohio, Potterhill has expertise to deliver the best product the market can bare.

With an estimated 46 single-family, owner-occupied homes, the total development cost of the project is expected to exceed 6 million. While conditions and fluctuations in the market impact the timeline, we expect the Project to be built out in three years. At the end of that period, the Felicity-Franklin will have a well-designed subdivision developed and built by a highly acclaimed developer / builder. The community will also have 46 new homeowners contributing to the community through their tax contributions, their spending in the local economy and their participation in the social and civic affairs of the community. In many instances, we expect these new homeowners will have grown up in the community, having left after discovering there were inadequate housing choices for their young families only to return to well-designed community where their investment in a home is one that appreciates.