2016-048 Approving Transfer of Excess Fee Revenues to Westbrooke Patio Homes CITY OF HOPKINS
HEN EPIN COUNTY, MINNESOTA
IE
SOLUTION NO. 2016-048
RESOLUTION APPROVING TRANSFER OF EXCESS FEE REVENUES
TO WESTBROOKE PATIO HOMES
WHEREAS,by Ordinance No. 97-796 adopted February 4, 1997,the City Council established
Housing Improvement Area No 2 in order to facilitate certain improvements to property known
as the Meadow Creek Condomi iums, and
WHEREAS, Minnesota State tatutes authorized the City to issue Housing Improvement Bonds
(the "Bonds") in the amount ne essary to defray the expense to be incurred in making the
housing improvements; and
WHEREAS, the City of Hopki s, in April 1997, entered into a Development Agreement(the
"Agreement") with Westbrook Patio Homes Association, Inc; and
WHEREAS, Bonds were issue and fees were charged to each housing unit in Housing
Improvement Area No. 2 in or r to finance certain improvements as defined in Ordinance No.
97-796; and
WHEREAS,the Housing Improvements that were funded by the Bonds have been completed
and paid for; and
WHEREAS, the one Bond has been paid in full and the second Bond issue will be called in
2018 and the City has determin d that it has excess Fee Revenues as defined in the Agreement;
and
WHEREAS,the City Council ay,by resolution, specify additional housing improvements (as
defined in Ordinance No. 97-7 6)and transfer all or any portion of such excess Fee Revenues
into a project fund(the "Suppl ental Project Fund"); and
WHEREAS, amounts in the S pplemental 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 April 9, 1997;
NOW, THEREFORE,the City Council of the City of Hopkins, Minnesota hereby resolves as
follows:
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 April 9, 1997
to the Westbrooke Patio Home$ Association to be used for projects specified by Ordinance No.
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97-759 adopted February 4, 1997. All remaining funds shall be disbursed in accordance with
the provisions of the Agreement as they become available from 2016-2019.
Adopted by the City Council of Hopkins, Minnesota, this 21st day of June 2016.
CITY OF HOPKINS, MINNESOTA
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Molly Cmings,Mayor
ATTEST:
MN UM
Amy Domeier, City Clerk
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