2013-059 Transferring Excess Fee RevenuesCITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2013-059
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF HOPKINS, MINNESOTA
TRANSFERRING EXCESS FEE REVENUES
WHEREAS, by Ordinance No. 95-759 adopted March 21, 1995, the City Council
established Housing Improvement Area No. 1 in order to facilitate certain improvements to
property known as the Meadow Creek 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 May 1995, entered into a Development Agreement
(the "Agreement") with Westbrooke Condominium Association, D.B.A. Meadow Creek
Condominiums (the "Association"); and
WHEREAS, Bonds were issued and fees were charged to each housing unit in Housing
Improvement Area No. 1 in order to finance certain improvements as defined in Ordinance No.
95-759; and
WHEREAS, the Housing Improvements that were funded by the Bonds have been
completed and paid for; and
WHEREAS, the Bonds have been paid in full 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. 95-759) 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 City; and
WHEREAS, City staff specified in Resolution 2012-049 specific Housing Improvements
at Meadow Creek Condominiums that should be completed;
WHEREAS, the projects specified in Resolution 2012-049 have been completed and
excess fee revenue remains;
NOW, THEREFORE, the City Council of the City of Hopkins, Minnesota hereby
resolves as follows:
Resolution No. 2013-059
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The City of Hopkins shall transfer all such excess Fee Revenues that remain following the
projects specified in Resolution 2012-049 to the Meadow Creek Condo Association to be used
for projects specified by Ordinance No. 95-759 adopted March 21, 1995. All remaining funds
shall be disbursed in accordance with the provisions of the Agreement.
Adopted by the City Council of Hopkins, Minnesota, this 1St day of October, 2013.
CITY OF HOPKINS, MINNESOTA
By: `
Eugene J. axwell, Mayor
ATTEST:
Kristine A. Luedke, City Clerk