2000-086 CITY OF HOPKINS
RESOLUTION NO. 2000-86
RESOLUTION AUTHORIZING EXPENDITURE OF
A PORTION OF THE PROJECT FUND BALANCE FOR
HOUSING IMPROVEMENT AREA NO. 3
BE IT RESOLVED by the City Council ("Council") of the City of Hopkins ("City") as
follows:
Section 1. Recitals.
1.01. The City is authorized under 1994 Minnesota Laws, Chapter 587, Article 9, Sections
22 through 31 (the "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 fi:om fees imposed within the area.
1.02. By Resolution No. 94-55 adopted June 7, 1994, the City Council of the City
approved the Act.
1.03. By Ordinance No. 99-822 (the "Enabling Ordinance) the City established Housing
Improvement Area No. 3 (Valley Park) in order to finance certain Housing Improvements as
defined in the Enabling Ordinance.
1.04. By Resolution No. 99-002, the City approved the imposition of a Housing
Improvement Fee on the housing units within the Housing Improvement Area No. 3.
1.05. The City and Westbrooke-West Condominium Association, Inc., d.b.a. Valley Park
Condominium Association (the "Association") entered into a Development Agreement dated as of
March 2, 1999 ("Development Agreemenf"), pursuant to which the City issued its $1,465,000
Taxable General Obligation Housing Improvement Area Bonds, Series 1999A ("Bonds"). The City
disbursed a portion of the proceeds of the Bonds to the Association to pay costs of the Housing
Improvements.
1.06. Under Section 3.9 of the Development Agreement, the City may, by resolution of the
City Council, transfer all or a portion of any funds remaining in the Project Fund for the Bonds to a
Supplemental Project Fund, and disburse such funds to the Association for additional housing
improvements that are designated by the City and consistent with the Enabling Ordinance.
1.07. The City has determined that a balance remains in the Project Fund after completion of
the Housing Improvements specified in the Development Agreement, and that it is in the best
interests of the City to transfer a portion of such balance to the Supplemental Project Fund.
Section 2. Transfer of Funds Approved.
2.01. The City hereby approves transfer of funds fi:om the Project Ftmd to the Supplemental
Project Fund in the following amounts for the following Housing In~provements:
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(a) An amount not to exceed $20,000 for entry foyer improvements, including removal
of wallpaper and painting walls, woodwork and railings;
(b) An amount not to exceed $24,000 for entry foyer carpeting.
(c) An amount not to exceed $25,000 for parking lot drainage improvements.
The amounts transferred to shall be determined by City staff upon submittal of th'aw
requests by the Association.
2.02. Amounts transferred to the Supplemental Project Fund shall be disbursed to the
Association to pay the cost of the Housing Improvements specified in Section 2.01 of this
resolution, in accordance with all the disbursement procedures set forth in Sections 3.2 through 3.6
of the Development Agreement.
2.03. City staff and officials are hereby authorized and directed to take any and all other
steps necessary or convenient in order to carry out the intent of this resolution.
Approved by the City Council of the City of Hopkins this 21st day of November, 2000.
ATTEST: ~
~ty C~erk~7L
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~Pl10-55
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