HomeMy WebLinkAbout07-016 - ADMIN Resolution - City Council - 2007/02/05RESOLUTION NO. 07-016
RESOLUTION APPROVING DISBURSEMENT OF EXCESS PROJECT FUND
BALANCE IN THE AMOUNT OF $6,493.35 TO THE SUNGATE ONE
CONDOMINIUM ASSOCIATIONS' REPLACMENT RESERVE FUND
BE IT RESOLVED by the City Council of the City of St. Louis Park as follows:
WHEREAS, The City of St. Louis Park ("City") is authonzed under Minnesota Statutes,
Sections 428A.11 to 428A.21 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, and
WHEREAS, by Ordinance No. 2313-06 adopted Apnl 17, 2006, the St Louis Park City
Council (the "Council") established Sungate One Housing Improvement Area in order to facilitate
certain improvements (the "Improvements") to property known as the Sungate One Condominiums;
and
WHEREAS, by Resolution No 06-072 adopted Apnl 17, 2006, the Council imposed
housing improvement fees on housing units in the Sungate One Housing Improvement Area in
order to finance the Improvements, and
WHEREAS, the City and Sungate One Condominium Association, Inc (the "Association")
entered into a Development Agreement (the "Agreement") on June 1, 2006, establishing a Project
Fund for the Improvements and providing for the application of any Project Fund balance upon
completion of the Improvements; and
WHEREAS, The Improvements have been completed and there is an excess balance of
$6,493.35 in the Project Fund, and
WHEREAS, Section 3 9 of the Agreement provides that the Council by resolution may
disburse all or any portion of such excess Project Fund balance to the Association for deposit into
the replacement reserve fund maintained by the Association (the "Replacement Reserve Fund");
and
WHEREAS, the Association has requested that the excess Project Fund balance be
disbursed to the Replacement Reserve Fund pursuant to the Agreement.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of St Louis
P disbursement of the Sungate One Condominium Association's excess Project Fund
alance of ', 6,459.35 to the Replacement Reserve Fund maintained by the Association is hereby
proved.
Approv-d by he City Council of the City of St Louis Park this 5th day of February, 2007
Revie
inistration:
City M
Attest:
City Clerk
Ado
Mayor
d by the Ci Council February 5, 2007