Memo Work Session - Westrbooke Patio Homes•
To: Honorable Mayor Redepenning and Hopkins City Council Members
From: Kersten Elverum
Date: Thursday, September 5, 1996
Subject: Work session discussion on Westbrooke Patio Homes
The September 10, 1996 work session will partly focus on the Westbrooke Patio
Homes and their proposed roof replacement project. Attached is the agenda for that
discussion. The Patio Home homeowners have indicated a desire for City assistance
in the project through the creation of a residential service district and subsequent
financing. The cost of the roof replacement project is approximately $2 million.
Residential service district financing involves the City selling taxable General
Obligation Bonds which are paid back through a fee included on the owner's property
• tax statement. In order to use this type of financing, a minimum of 25% of the owners in
the association must petition the City to create the district and set the fees. After
receipt of the petitions, the City must conduct public hearings on the proposed district
and fees. The owners are then given the opportunity to veto the creation of the district
and the fees if objected to by a minimum of 35% of the owners. This financing was first
used for the Meadow Creek Condominium Association in 1995.
The association is proposing to complete all the necessary improvements in two
phases; the first addressing the roofs and the second phase replacing the siding and
making interior road repairs. In order to assure that the second phase is completed,
staff is recommending that a reserve be established as part of the project. This reserve
would serve as a penalty if phase two was not completed.
There are a number of issues relating to this project which need to be discussed
including the two -phase approach, the affordability of the project, and specifics of the
development agreement. Staff and representatives of the Patio Homes will be at the
work session to discuss the specifics of the project. If you have any questions, please
call me at 939 -1395.
•
Hopkins City Council Work Session -
Westbrooke Patio Homes
September 10, 1996
Agenda
I. Explanation of Residential Service District Financing
II. Overview of proposed project - Westbrooke Patio Homes
o Scope of work and costs (Phase I & II)
o Homeowner involvement
o Alternatives to City financing
III. Issues regarding project
o Affordability/Federal Home Loan Bank Application
o Staff recommendations regarding financing
o FHA eligibility
o Other
IV. Timeline for Project
V. Questions