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1999-822:.,:: CITY OF HOPKINS ORDINANCE N0.99-822 AN ORDINANCE ESTABLISHING HOUSING IMPROVEMENT AREA N0.3 (VALLEY PARK) PURSUANT TO 1994 MINNESOTA LAWS, CHAPTER 587, ARTICLE 9, SECTIONS 22 THROUGH 31 BE IT ORDAINED by the Council of the City of Hopkins as follows: Section 1. Recitals. 1.01. The City of Hopkins ("City") is authorized under 1994 Minnesota Laws, Chapter 587, Article 9, Sections 22 through 31 (the "Housing Improvement Act") to establish by ordinance a housing improvement area within which housing improvements are made or constructed and the costs of the improvements are paid in whole or in part from fees imposed within the area. 1.02. By Resolution No. 94-55 adopted June 7, 1994, the Council approved the Housing Improvement Act. 1.03. The City has determined a need to establish Housing Improvement Area No. 3 (Valley Park) as further defined herein, in order to facilitate certain improvements to property known as the "Valley Park Condominiums," all in accordance with the Housing Improvement Act. 1.04. The City has consulted with the Westbrooke-West Condominium Association, Inc., d.b.a. Valley Park Condominium Association (the "Condominium Association") and with residents in Housing Improvement Area No. 3 regarding the establishment of Housing Improvement Area No. 3 and the housing improvements to be constructed and financed under this ordinance. Section 2. Findings. 2.01. The Council finds that, in accordance with Section 23 of the Housing Improvement Act, owners of at least 25 percent of the housing units within Housing Improvement Area No. 3 have filed a petition with the City Clerk requesting a public hearing regarding establishment of such housing improvement area. 2.02. The Council has on December 15, 1998 conducted a public hearing, duly noticed in accordance with the Housing Improvement Act, regarding adoption of this ordinance at which all persons, including owners of property within Housing Improvement Area No. 3, were given an opportunity to be heard. 2.03. The Council finds that, without establishment of Housing Lnprovement Area No. 3, the Housing Improvements (as hereinafter defined) could not be made by the condominium association for, or the housing unit owners in, the Valley Park Condominiums. 2.04. The Council further finds that designation of Housing Improvement Area No. 3 is needed to maintain and preserve the housing units within such area. SJB-153914 HPlld-59 ,~ Section 3. Housing ImQrovement Area Defined. 3.01. Housing Improvement Area No. 3 (Valley Park) is hereby defined as the area of the City legally described as follows: Condominium No. 459, Westbrooke-West Condominium, Hennepin County, Minnesota. 3.02. Housing Improvement Area No. 3 contains 176 housing units as of the date of adoption of this ordinance, along with certain garages and other common area. Section 4. Housing Improvements Defined. 4.01. For the purposes of this ordinance and Housing Improvement Area No. 3, the term "Housing Improvements" shall mean the following improvements to housing units, garages, and common areas within Housing Improvement Area No. 3: Replacement of Mansard Roofs Replacement of Patio Doors and Upper Patio Door Railings Replacement of Downspouts Redesign and Upgrading of Building Entrances Repair and Painting of Stucco Tunbers Temporary Sidewalks and Bamcades, Demolition of Old Trash Sheds, and Related Rehab of Garages Construction of New Trash/Recycling Buildings Rebuilding of Parking Lots Replacement of Concrete Sidewalks 4.02. Housing Improvements shall also be deemed to include: (a) all costs of architectural and engineering services in connection with the activities described in Section 4.01; (b) all administration, legal and consultant costs in connection with Housing Improvement Area No. 3; and (c) costs of issuance of bonds to finance Housing Improvements under the Housing Improvement Act, subject to the terms of Section 5.04 hereof. Section 5. Housing Improvement Fee. 5.01. The City may, by resolution adopted in accordance with the petition, hearing and notice procedures required under the Housing Improvement Act, impose a fee on the housing units within Housing Improvement Area No. 3, at a rate, term or amount sufficient to produce revenues required to provide the Housing Improvements (hereinafter referred to as the "Housing Improvement Fee"), subject to the terms and conditions set forth in this Section. 5.02. Except as otherwise provided in Section 5.04 hereof, the Housing Improvement Fee shall be imposed on the basis of each housing unit's Percent of Undivided Interest in Common Elements, Votes and Facilities, as described in Exhibit A to Condominium No. 459, Declaration for SJB-153914 HP110-59 .~,~:~ ~ z_ , e. ~, ..u ~. .. _ - Condominium, Westbrooke-West Condominium, dated as of October 13, 1983 5.03. The Housing Improvement Fee shall be imposed and payable for a period no greater than 20 years after the first installment is due and payable, 5.04. The Housing Improvement Fee shall be prepayable in full by housing unit owners within 30 days after the effective date of the resolution setting the Housing Improvement Fee, after which 30-day period the Housing Improvement Fee shall not be prepayable. If the Housing Improvement Fee is prepaid, the resolution setting the Housing Improvement Fee may provide for a credit, representing a reasonable allocation of the amount necessary to pay costs of issuance of bonds to be issued under Section 6 hereof. 5.05. The resolution imposing the Housing Improvement Fee may provide that any fee not prepaid by the housing unit owner shall be deemed to include interest on unpaid Housing Improvements costs at a rate that will produce total fee revenue collected from all units in Housing Improvement Area No. 1 in an amount that equals 105 percent of the debt service payable each year on the bonds to be issued under Section 6 hereof. 5.06. The Housing Improvement Fee shall be collected at the same time and in the same manner as provided for payment and collection of ad valorem taxes, in accordance with Section 26 of the Housing Improvement Act and Minnesota Statutes, Section 428A.05. As set forth in Section 26 of the Housing Improvement Act, the Housing Improvement Fee is not included in the calculation of levies or limits on levies imposed under any law or charter. 5.07. The Housing Improvement Fee shall not exceed the amount specified in the notice of public hearing regarding the approval of such fee; provided, however, that the Housing Lnprovement Fee may be reduced after approval of the resolution setting the Housing Improvement Fee, in the manner specked in such resolution. Section 6. Issuance of Bonds. 6.01. At any time after a contract with the Condominium Association for construction of all or part of the Housing Improvements has been entered into or the work has been ordered, and the 30-day period for prepayment of the Housing Improvement Fee has expired as described in Section 5.04 hereof, the Council may issue bonds in the principal amount necessary to finance the cost of the Housing Improvements that have not been prepaid together with costs of issuance of the bonds. Such bonds shall be issued pursuant to and in accordance with Section 27 of the Housing Improvement Act. Section 7. Annual Reports. 7.01. On August 15, 1999 and each August 15 thereafter until there are no longer any outstanding bonds (including refunding bonds) issued under the Housing Improvement Act in connection with Housing Improvement Area No. 3, Valley Park (and any successor in interest) shall submit to the City Clerk a copy of the condominium association's audited financial statements. SJB-153914 HP110-59 ,~ 7.02. The Condominium Association (and any successor in interest) shall also submit to the City any other reports or information at the times and as required by any contract entered into between that entity and the City. Section 8. Notice of Right to File Objections. 8.01. Within five days after the adoption of this ordinance, the Ciry Clerk is authorized and directed to mail to the owner of each housing unit in Housing Improvement Area No. 3: a summary of this ordinance; notice that owners subject to the proposed Housing Improvement Fee have a right to veto this ordinance if owners of at least 35 percent of the housing units within Housing Improvement Area No. 3 file an objection with the City Clerk before the effective date of this ordinance; and notice that a copy of this ordinance is on file with the City Clerk for public inspection. Section 9. Amendment. 9.01. This ordinance may be amended by the Council upon compliance with the public hearing and notice requirements set forth in Section 24 of the Housing Improvement Act. Section 10. Effective Date. e 10.1. This ordinance shall be effective 45 days after adoption hereof, or 20 days after the date of publication of this ordinance, whichever is later. First read at a regular meeting of the Council of the City of Hopkins held on December 15, 1998, and finally read, approved and adopted and ordered published at a regular meeting of said Council on January 5, 1999. Mayor r~ Approved as to form: City Attorney SJB-153914 HP110-59 _~ ,~-'