HomeMy WebLinkAbout11-077 - ADMIN Resolution - City Council - 2011/08/01RESOLUTION NO. 11-077
Amends and Restates Resolution No. 11-066
RESOLUTION AMENDING AND RESTATING RESOLUTION NO. 11-066
REGARDING DISBURSEMENT OF EXCESS PROJECT FUND BALANCE
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, 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 had requested that the excess Project Fund balance of
$135,475.20 be disbursed to the Replacement Reserve Fund pursuant to the Agreement; and
WHEREAS, Resolution No. 11-066 was approved regarding disbursement of Sunset Ridge
Condominium Association's excess Project Fund balance of $135,475.27 to the Replacement
Reserve Fund maintained by the Association dated June 20, 2011; and
WHEREAS, on July 11, 2011, the Association agreed the corrected amount of the excess
Project Fund balance is $80,667.43; and
WHEREAS, it is the intent of this resolution to restate Resolution No 11-066 to disburse
the excess Project Fund balance and to add this amendment to correct the amount of disbursement
of excess Project Funds to $80,667.43.
Resolution No. 11-077 -2-
NOW THEREFORE BE IT RESOLVED by the City Council of the City of St. Louis
Park that disbursement of the Sunset Ridge Condommium Association's excess Project Fund
balance of $80,667.43 to the Replacement Reserve Fund maintained by the Association is hereby
a.: oved.
ed by the City Council of the City of St. Louis Park this 1st day of August, 2011.
Review d for • dministration:
City
Attest:
City Clerk
Adopte by the City Council August 1, 2011
Mayor