HomeMy WebLinkAbout03-010 - ADMIN Resolution - City Council - 2003/01/21RESOLUTION NO. 03-010
RESOLUTION APPROVING AN AMENDED HOUSING IMPROVEMENT
FEE FOR THE CEDAR TRAILS HOUSING IMPROVEMENT AREA
PURSUANT TO MINNESOTA STATUTES CHAPTER 428A.11 to 428A.21.
BE IT RESOLVED by the City Council of the City of St. Louis Park as follows:
Section 1. Recitals
1.01. The City of St. Louis Park ("City") is authonzed under Minnesota Statutes Chapter
428A.11 to 428A.21 (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. The St. Louis Park City Council adopted a Housing Improvement Area policy on July
16, 2001
1.03. By Ordinance No. 2232-02 adopted November 4, 2002 (the "Enabling Ordinance"),
the Council established the Cedar Trails Housing Improvement Area in order to facilitate certain
improvements to property known as the "Cedar Trails Condominiums," all in accordance with the
Housing Improvement Area policy.
1 04. By Resolution No. 02-117 adopted November 4, 2002 (the "Onginal Fee Resolution")
the City Council imposed a housing improvement fee on the Housing Units in the Cedar Trails
Housing Improvement Area in order to finance certain housing improvements in that area.
1.05. Since adoption of the Original Fee Resolution, the City has received information
from the Cedar Trails Condominium Association and the City's financial advisors regarding the
advisability of reducing the housing improvement fee on those Housing Units with garages in the
Cedar Trails Housing Improvement Area.
1.06. The City has determined that the housing improvement fee should be reduced for
those Housing Units with garages in the Cedar Trails Housing Improvement Area.
Section 2. Housing Improvement Fee Amended
2 01 The City hereby amends the Housing Improvement Fee by reducing the amount of the
fee imposed on each housing unit with a garage within the Cedar Trails Housing Improvement Area
(the "Housing Improvement Fee"), as specified in Exhibit A attached hereto. The amended Housing
Improvement Fee is imposed on the same basis as under the Original Fee Resolution, or on the basis
of each housing unit and garage unit's Percent of Undivided Interest in Common Areas and
Facilities, as descnbed in Exhibit A to Declaration of Apartment Ownership (Condominium) Cedar
Trails Condominium, dated as of September 10, 1979, and as shown under the heading Undivided
Ownership in that Exhibit.
Section 3 Effective Date.
Resolution No 03-010 -2-
3.01. Pursuant to this Resolution, the amended Housing Improvement Fee shall be effective
on the date of adoption hereof.
Section 4. Filing of Amended Housing Improvement Fee.
4.01. The City Clerk or other staff of the City are hereby directed to file, at the same time
as the filing with of the Onginal Fee Resolution, a certified copy of this resolution and the attached
Housing Improvement Fee schedule in Exhibit A with the Hennepin County Director of Taxation,
to be recorded on the property tax lists of the county for taxes payable in 2004 and thereafter.
4.02 The City Clerk or other staff of the City are hereby directed to give reasonable notice
to unit owners of this Amended Housing Improvement Fee at whatever time the staff deems
appropnate.
Approved by the City Council of the City of St. Louis Park this 21st day of January, 2003.
Reviewed for Administration:
Adopt
by the City Council January 21, 2003
Attest
y Clerk
Cynthia Reichert, City Clerk
Mayo
Resolution No. 03-010
-3-
Resolution No. 03-010 EXHIBIT A
TOTAL
Undivided
Ownershi
p
Percent
- of
'
Dues -
Structure
0.2999%
9.60%
0.3179%
14.31%
0.3265%
0.33%
0.3267%
4.57%
0.3355%
3.36%
0.3426%
0.69%
0.3442%
17 21
0.3535%
1.41%
0.3622%
' 7.24%
0.3711%
21.52%
0.3713%
2.23%
0.3800%
3.04%
0.3890%
9.73%
0.3900%
0.39%
0.4155%
1.66%
698.58
_
9_7.29%
Garages 0.0168% 2 71%
GRAND TOTAL 100.00%
Notes:
Annual
W/O
Garage
10 Years
Prepaymen
t
Without
Garage
Annual
W/Gara
ge
10 Years
Prepayme
nt
With
Garage
592.65
4,095.86
625.85
4,329.64
628.23
4,341.69
661.43
4,575 47
645.22
4,459.15
678.42
4,692.93
645.62
4,461.88
678.82
4,695.66
663.01
4,582.06
696.21
4,815.84
677.04
4,679.03
710.24
4,912.81
680.20
4,700.88
713.40
4,934.66
698.58
4,827.90
731.78
5,061.68
715.77
4,946.72
748.97
5,180.50
733.36
5,068.27
766.56
5,302.05
733.75
5,071.00
766.95
5,304.78
750.95
5,189.82
784.15
5,423.60
768 73
5,312.74
801 93
5,546 52
770.71
5,326.39
803.91
5,560 17
821.10
5,674.66
854.30
5,908.44
N/A-:;
-N/A
N/A
N/A
33.20
1. These are only estimates at this time and will be revised when the final loan amount,
term and rate have been negotiated.
2. Prepayment indicates total assessment paid per unit