HomeMy WebLinkAbout19-141 - ADMIN Resolution - City Council - 2019/11/04Resolution No. 19-141
Resolution amending Resolution No. 09-129 approving a housing improvement
fee for the sunset ridge condominium association housing improvement area
Whereas, the City of St. Louis Park (the “City”) previously established the Sunset Ridge
Condominium Association Housing Improvement Area (the “HIA”) pursuant to Minnesota
Statutes, Sections 428A.11 to 428A.21 (the “Act”), and adopted Resolution No. 09 -129 (the
“Resolution”) on October 5, 2009, establishing the amount and conditions for payment of a
housing improvement area fee (the “HIA Fee”) to be paid by the owners of all units within the
HIA in order to finance certain improvements to the HIA; and
Whereas, Section 2.03 of the Resolution provided that the HIA Fee was prepayable in full
prior to March 31, 2010, after which prepayments would not be permitted either in full or in
part; and
Whereas, on May 3, 2010, following the receipt of favorable bids for the construction of
the improvements, the City amended the Resolution through its Resolution No. 10-045,
decreasing the total HIA Fee and providing for a partial rebate of any HIA Fee prepaid by
owners of units within the HIA; and
Whereas, following the final establishment of the HIA Fee, the City issued its Taxable
General Obligation Housing Improvement Area Bonds, Series 2010A (the “Series 2010A
Bonds”), secured primarily by HIA Fees collected from the owners of the units within the HIA;
and
Whereas, the City has determined to refund the Series 2010A Bonds through the issuanc e
of its Taxable General Obligation Housing Improvement Area Refunding Bonds, Series 2019C
(the “Series 2019C Bonds”) to achieve debt service savings; and
Whereas, City staff and consultants have determined that it is desirable and in the best
interest of the City and of the owners of units within the HIA to amend the Resolution to allow
prepayment of the HIA Fee, that the total amount of the HIA Fee will not change, and that
prepayments will not have a significant impact on the HIA Fees available to pay debt service on
the Series 2019C Bonds.
Now therefore be it resolved that the Resolution, as previously amended by Resolution
No. 10-045, is hereby further amended to provide that the portion of the HIA Fee payable by
the owner of any unit within the HIA is prepayable in full, but not in part, on any date.
It is further resolved that City staff is authorized and directed to provide notice of the
amended prepayment terms to the owners of all units within the HIA within seven days after
the date of this resolution.
DocuSign Envelope ID: 2364373C-3BA4-4F43-B185-5CE661B0FBA8
Resolution No. 19-141 2
Reviewed for administration: Adopted by the City Council Nov. 4, 2019
Thomas K. Harmening, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
DocuSign Envelope ID: 2364373C-3BA4-4F43-B185-5CE661B0FBA8