2019-062 Approving Transfer of Excess Fee Revenues to Valley Park Condos CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2019-062
RESOLUTION APPROVING TRANSFER
OF EXCESS FEE REVENUES TO
VALLEY PARK CONDOMINIUMS
WHEREAS, by Ordinance No. 99-822 adopted January 5, 1999, the City Council established
Housing Improvement Area No. 3 in order to facilitate certain improvements to property known
as the Valley Park Condominiums, and
WHEREAS, Minnesota State Statutes authorized the City to issue Housing Improvement Bonds
(the "Bonds") in the amount necessary to defray the expense to be incurred in making the
housing improvements; and
WHEREAS, the City of Hopkins, in March 1999, entered into a Development Agreement (the
"Agreement") with Westbrooke-West Condominium Association, Inc.; and
WHEREAS, Bonds were issued and fees were charged to each housing unit in Housing
Improvement Area No. 3 in order to finance certain improvements as defined in Ordinance No.
99-822; and
WHEREAS, the Housing Improvements that were funded by the Bonds have been completed
and paid for; and
WHEREAS, the Bond was called in 2019 and the City has determined that it has excess Fee
Revenues as defined in the Agreement; and
WHEREAS, the City Council may, by resolution, specify additional housing improvements (as
defined in Ordinance No. 99-822) and transfer all or any portion of such excess Fee Revenues
into a project fund (the "Supplemental Project Fund"); and
WHEREAS, amounts in the Supplemental Project Fund shall be disbursed to the Association to
pay the cost of the housing improvements specified by the Association in accordance with the
Development Agreement dated March 2, 1999;
NOW, THEREFORE,the City Council of the City of Hopkins, Minnesota hereby resolves as
follows:
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The City of Hopkins shall transfer all such excess Fee Revenues that remain for the projects as
specified by the Association and as defined in the Development Agreement dated March 2, 1999
to Valley Park Condominiums to be used for projects specified by Ordinance No. 99-822
adopted January 5, 1999. All remaining funds shall be disbursed in accordance with the
provisions of the Agreement.
Adopted by the City Council of Hopkins, Minnesota, this 20t" day of August 2019.
CITY OF HOPKINS, MINNESOTA
ason add, ayor
ATTEST:
.,
Amy Domeier, City Clerk
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