HomeMy WebLinkAbout09-126 - ADMIN Resolution - City Council - 2009/10/05CITY OF ST. LOUIS PARK
RESOLUTION NO. 09-126
RESOLUTION APPROVING TERMS OF FINANCING ARRANGEMENTS
FOR THE SUNSET RIDGE CONDOMINIUM ASSOCIATION HOUSING
IMPROVEMENT AREA PURSUANT TO MINNESOTA STATUTES,
SECTIONS 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 authorized under Minnesota Statutes, Sections
428A.11 to 428A.21 (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 from fees imposed within the area.
1.02. The St. Louis Park City Council ("Council") adopted a Housing Improvement Area
policy on July 16, 2001.
1.03. Section 428A.13, Subdivision la of the Act requires the Council to provide full
disclosure of public expenditures, as well as the terms of any loans, bonds, or other financing
arrangements for housing improvement area projects prior to establishing a housing improvement area
1.04. The Council has on October 5, 2009 conducted a public hearing, duly noticed in
accordance with Section 428A.13 of the Act, regarding establishment of the Sunset Ridge
Condominium Association Housing Improvement Area (the "Housing Improvement Area") at which
all persons, including owners of property within the Housing Improvement Area, were given an
opportunity to be heard.
Section 2. Findings.
2.01. The Council hereby finds that the City intends to issue its general obligation bonds (the
"Bonds") to finance the proposed improvements within the Housing Improvement Area (the
"Improvements"). The total estimated principal amount of the Bonds is $4,432,317. The Bonds will
be issued in the first half of 2010, and will mature over a period of 20 years, beginning in 2011. The
Bonds will be secured by Housing Improvement Area fees imposed against owners of property within
the Housing Improvement Area and collected at the same time and in the same manner as property
taxes, and by the City's full faith and credit and taxing powers. The annual fee to be collected against
each unit within the Housing Improvement Area is described on the attached Exhibit A City staff and
consultants estimate an interest rate of approximately 4%, subject to normal market fluctuations.
2.02. The Council further finds that the Sunset Ridge Condominium Association may
commence construction of the Improvements as early as December of 2009, and that in such event the
Resolution No. 09-126 -2-
City will finance up to an estimated $2,200,000 of the construction costs through a short-term internal
loan of available City funds at an interest rate of 5%. Such internal loan will be repaid from proceeds of
the Bonds when issued.
2.03. The Council further finds that the Sunset Ridge Condominium Association will
contract for all Improvements in the Housing Improvement Area.
Section 3. Financing Arrangements Approved.
3.01. The Council hereby approves the terms of the Housing Improvement Area financing
arrangements as set forth above, subject to adoption of its ordinance establishing the Housing
Improvement Area.
App •ved by the City Council of the City of St. Louis Park this 5th day of October 2009.
Re ie. ed
Administration:
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w I . a• er
Attest:
CityClerk
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Adopted by the City Council October 5, 2009
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