HomeMy WebLinkAbout14-132 - ADMIN Resolution - City Council - 2014/11/03RESOLUTION NO. 14-132
RESOLUTION APPROVING DISBURSEMENT OF REMAINING PROJECT FUND
BALANCE IN THE AMOUNT OF $139,749.56 TO THE WESTWOOD VILLA
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 Ordmance No. 2413-12 adopted May 7, 2012, the St. Louis Park City
Council (the "Council") established Westwood Villa Association Housing Improvement Area in
order to facilitate certain improvements (the "Improvements") to property known as Westwood
Villa; and
WHEREAS, by Resolution No. 12-066 adopted May 7, 2012, the Council imposed
housing improvement fees on housing units in the Westwood Villa Housing Improvement Area m
order to finance the Improvements; and
WHEREAS, the City and Westwood Villa Association (the "Association") entered into a
Development Agreement (the "Agreement") on July 1, 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
$139,749.56 in the Project Fund; and
WHEREAS, Section 3.5 (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 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
ark tha disbursement of the Westwood Villa Association's remaining Project Fund balance of
$139,749 56 to -the Replacement Reserve Fund maintained by the Association is hereby approved.
Revie
City
Administration:
Attest:
atd
City Clerk
Adopt
Mayor
e Ci Council November 3, 2014