HomeMy WebLinkAbout14-007 - ADMIN Resolution - City Council - 2014/01/21RESOLUTION NO. 14-007
RESOLUTION APPROVING DISBURSEMENT OF REMAINING PROJECT FUND
BALANCE IN THE AMOUNT OF $41,451.23 TO THE GREENSBORO SQUARE
CONDOMINIUM ASSOCIATION'S 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. 2406-11 adopted December 5, 2011, the St. Louis Park City
Council (the "Council") established Greensboro Condominium Association Housing Improvement
Area in order to facilitate certain improvements (the "Improvements") to property known as
Greensboro Square; and
WHEREAS, by Resolution No. 11-134 adopted December 5, 2011, the Council imposed
housing improvement fees on housing umts in the Greensboro Condominium Housing
Improvement Area in order to finance the Improvements; and
WHEREAS, the City and Greensboro Square Condominium Association (the
"Association") entered into a Development Agreement (the "Agreement") on April 12, 2012,
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
$41,451.23 in the Project Fund; and
WHEREAS, Section 3.6 (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 remaining Project Fund balance be
disbursed to the Replacement Reserve Fund pursuant to the Agreement.
OW THEREFORE BE IT RESOLVED by the City Council of the City of St. Louis
Par tha disbursement of the Greensboro Association's remaining Project Fund balance of
$45,451. c to the Replacement Reserve Fund maintained by the Association is hereby approved.
Revie
dministration:
City M
Attest:
AM
City Clerk
Adopt/ the ity Council January 21, 2014
Mayor