2012-049 Transferring Excess Fee RevenuesCITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2012-049
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
Resolution No. 2012-049 -2-
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 have identified specific Housing Improvements at Meadow Creek
Condominiums that should be completed;
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 into two Supplemental Project
Funds. $65,000 will be transferred into a Supplemental Project Fund for the purpose of replacing
rear exterior doors in the buildings. The remainder of the excess Fee Revenues will be placed in
a Supplemental Project Fund for the purpose of installing fire alarms in the entry areas. All such
funds shall be disbursed in accordance with the provisions of the Agreement.
Adopted by the City Council of Hopkins, Minnesota, this 6th day of August, 2012.
CITY OF HOPKINS, MINNESOTA
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By:
Its: �� GtAi o V
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ATTEST:
City lerk