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1999-002CITY OF HOPKINS RESOLUTION N0.99-002 RESOLUTION APPROVING A HOUSING IMPROVEMENT FEE FOR HOUSING IMPROVEMENT AREA NO. 3 (VALLEY PARK) PURSUANT TO 1994 MINNESOTA LAWS, CHAPTER 587, ARTICLE 9, SECTIONS 22 TTIROUGH 31 BE IT RESOLVED by the City 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. 9455 adopted June 7, 1994, the Council approved the Housing Improvement Act. 1.03. By Ordinance No. 99-822 adopted January 5, 1999 (the "Enabling Ordinance"), the Council established Housing Improvement Area No. 3 in order to facilitate certain improvements to property known as the "Valley Park Condominiums," all in accordance with the Housing Improvement Act. 1.04. 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 imposition of a housing improvement fee for Housing Improvement Area No. 3. 1.05. The Council has on January 5, 1999 conducted a public hearing, duly noticed in accordance with the Housing Improvement Act, regarding adoption of this resolution at which all persons, including owners of property within Housing Improvement Area No. 3, were given an opportunity to be heard. 1.06. Prior to the date hereof, Westbrooke-Wept Condominium Association, Inc., d.b.a. Valley Park Condominium Association (the "Condominium Association")has submitted to the City a financial plan prepared by Dunbar Strandness, Inc., an independent third party, acceptable to the Ciry and the Condominium Association, that provides for the Condominium Association to finance maintenance and operation of the common elements in the Valley Park Condominiums and along- range plan to conduct and finance capital improvements therein, all in accordance with Section 25 of the Housing Improvement Act. 1.07. For the purposes of this Resolution, the terms "Housing Improvement Area No. 3" and "Housing Improvements" have the meanings provided in the Enabling Ordinance. SJB-153964 HP110-59 Section 2. Housing Improvement Fee Imposed. 2.01. The City hereby imposes a-fee on each housing unit within Housing Improvement Area No. 3 (the "Housing Improvement Fee ), as specified in Exhibit A attached hereto, which Housing Improvement Fee is 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 Condominium, Valley-Park Condominium, dated as of October 13, 1983. 2.02. The owner of any housing unit against which the Housing Improvement Fee is imposed may, at any time within 30 days after the effective date of this Resolution, pay all or a portion of the total Housing Improvement Fee imposed against such housing unit as specified in Exhibit A hereto to the City Treasurer, without interest thereon; provided that if only a portion is prepaid the prepayment amount must be at least 25% of the total fee for that unit. Any Housing Improvement Fee (or a portion thereof) not prepaid in accordance with this Section shall be payable solely in accordance with Section 2.03 hereof. 2.03. If not prepaid in accordance with Section 2.02 hereof, the Housing Improvement Fee shall be payable in equal annual installments extending over a period of 2019 years, the first of the installments to be payable in calendar year 2000, which annual payment shall be deemed to include interest on unpaid total Housing Improvement Fee from the date of this Resolution at an annual interest rate that will produce total fee revenue collected from all units in Housing Improvement Area No. 3 in an amount that equals 105 percent of the debt service payable each year on bonds to be issued by the City issued to finance the Housing Improvements (the "Bonds") in accordance with the Enabling Ordinance and the Housing Improvement Act. Upon issuance of the Bonds, the City Clerk shall cause to be prepared a schedule indicating the annual payment for each housing unit for which the Housing Improvement Fee has not been prepaid, which schedule shall be attached as Exhibit B to this Resolution in the City's official records. 2.04. The Housing Improvement Fee, unless prepaid in accordance" with Section 2.02 hereof, shall be payable at the same time and in the same manner as provided for payment and collection of ad valorem taxes, as provided in Section 26 of the Housing Improvement Act. 2.05. The Housing Improvement Fee imposed against each housing unit shall not exceed the amount specified in Exhibit A hereto; provided, however, that the Housing Improvement Fee may be reduced at any time before issuance of the Bonds, which reduction shall be applied pro rata to each housing unit's Housing Improvement Fee on the basis described in Section 2.01 hereof; and further provided that if any housing unit owners have prepaid the Housing Improvement Fee prior to any reduction in that fee, the City shall promptly reimburse such housing unit owner in the amount of the pro rata share of any reduction in the fee amount. Upon any reduction in the Housing Improvement Fee, the City Clerk shall cause to be prepared a revised copy of Exhibit A hereto, which shall be attached to this Resolution in the City's official records and shall be promptly mailed to all housing unit owners within Housing Improvement Area No. 3. Within 30 days after issuance of the Bonds the City Clerk shall mail to each housing unit owner a copy of Exhibit B to this Resolution showing the final annual fee imposed against each housing unit for which the Housing Improvement Fee has not been prepaid. SJB-153964 HP110-59 Section 3. Notice of Right to File Obiections. 3.01. Within five days after the adoption of this Resolution, the City Clerk is authorized and directed to mail to the owner of each housing unit in Housing Improvement Area No. 3: a summary of this Resolution; notice that owners subject to the Housing Improvement Fee have a right to veto this Resolution 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 Resolution; and notice that a copy of this ordinance is on file with the City Clerk for public inspection. Section 4. Effective Date. 4.01. This Resolution shall be effective 45 days after adoption hereof. Section 5. Filing of Housing Improvement Fee. 5.01. Within 30 days after issuance of the Bonds, but it no event later than November 15, 1999, the City Clerk shall file a certified copy of this resolution together with a final update of Exhibits A and B hereto to the Hennepin County Director of Taxation to be recorded on the property tax lists of the county. Approved by the City Council of the City of Hopkins this 5th day of January, 1999. Charles D. Redepemm~g, ayor ATTEST: ^f Terry Ob~(aier, City Clerk SJB-153964 HP110-59 EXHIBIT A TO RESOLUTION N0.99-002 • • Housing Unit 1-Bedroom/1 bath down 1-Bedroom/1 bath up 2-Bedroom/1 bath down 2-Bedroom/1 bath up Garage Unit's Ownershiu Share Total Fee .4695% $7,394.63 .5000% 7,875.00 .6184% 9,739.80 .6553% 10,320.98 .0203% 319.73 SJB-153964 HP110-59 EXHIBIT B TO RESOLUTION N0.99-002 [Description of annual fee for each housing unit; to be attached upon issuance of the Bonds in accordance with Section 2.05 of this Resolution.] SJB-153964 HP110-59