HomeMy WebLinkAbout14-061 - ADMIN Resolution - City Council - 2014/05/05RESOLUTION NO. 14-061
RESOLUTION APPROVING DISBURSEMENT OF REMAINING PROJECT FUND
• BALANCE IN THE AMOUNT OF $16,902 TO THE CEDAR TRAILS 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 m whole
or in part from fees imposed within the area; and
WHEREAS, by Ordinance No. 2231-02 adopted November 4, 2002, the St. Louis Park
City Council (the "Council") established the Cedar Trails Housing Improvement Area in order to
facilitate certain improvements (the "Improvements") to property known as Cedar Trails; and
WHEREAS, by Resolution No. 02-117 adopted November 4, 2002, the Council imposed
housing improvement fees on housing units in the Cedar Trails Housing Improvement Area in order
to finance the Improvements; and
WHEREAS, the City and Cedar Trails Condominium Association (the "Association")
entered into a Development Agreement (the "Agreement") on December 23, 2002, establishing a
Project Fund for the Improvements and providing for the application of any Project Fund balance
upon completion of the Improvements; and
111/ WHEREAS, the improvements have been completed and there is an excess balance of
$16,092 in the Project Fund; and
WHEREAS, Section 3.9 (d) 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
disbursement of remaining Cedar Trails Project Fund balance of $16,092 to the
ent Reserve Fund maintained by the Association is hereby approved.
Attest:
City Clerk
Adopted by ity Council May 5, 2014
Mayor v
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