HomeMy WebLinkAbout11-066 - ADMIN Resolution - City Council - 2011/06/20•
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RESOLUTION NO. 11-066
RESOLUTION APPROVING DISBURSEMENT OF EXCESS PROJECT FUND
BALANCE IN THE AMOUNT OF $135,475.27 TO THE SUNSET RIDGE
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 authorized 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. 2377-99 adopted October 19, 2009, the St. Louis Park City
Council (the "Council") established Sunset Ridge Condominium Association Housing Improvement
Area in order to facilitate certain improvements (the "Improvements") to property known as the
Sunset Ridge Condominiums; and
WHEREAS, by Resolution No. 09-129 adopted October 19, 2009, the Council imposed
housing improvement fees on housing units in the Sunset Ridge Condominium Association
Housing Improvement Area in order to finance the Improvements; and
WHEREAS, the City and Sunset Ridge Condominium Association (the "Association")
entered into a Development Agreement (the "Agreement") on March 1, 2010, 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
$135,475.27 in the Project Fund; and
WHEREAS, Section 3.4 (b) 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 Park
tha q isbursement of the Sunset Ridge Condominium Association's excess Project Fund balance of
$135, 75.27 to the Replacement Reserve Fund maintained by the Association is hereby approved.
Approv
by the City Council of the City of St. Louis Park this 20th day of June, 2011.
Re . 1 : dministration:
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Cit1.r
Attest:
opted
y the City Council
City Clerk
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