09-10-08 Council Agenda - Laserfiche WebLink

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• Balcony rehabilitation consisting of structural repairs and related enhancements as conditions dictate. • Site grading • Elevator improvements • Other improvements to be considered with alternate pricing including the addition of spray foam insulation in exterior walls, the construction of a new 40 x 40 pavilion, the addition of courtyard walkways, and balcony ceilings. 3. HOUSING IMPROVEMENT FEE. (A) The City may, by resolution adopted in accordance with the petition, hearing and notice requirements of Minn, Stat. § 428A.14, impose a fee on the housing units within Housing 4nprovement Area No. 1 at a rate, term or amount sufficient to produce revenues required to provide the Housing Improvements subject to the terms and conditions sot forth in this Section, the Housing Improvement Fee may be imposed in phases. (B) Any Housing hnprovement Fee shall be imposed on the basis of the total cost of the Housing Improvements to be financed by the Housing hnprovement Fee, including the costs of issuing bonds if they are issued. Housing Improvement Fees may be allocated to the units within the Housing Improvement Area by any method permitted by Minn. Stat. § 428A.14, as set forth in any resolution adopted under that statute setting the fee. (C) Any Housing Improvement Fee shall be imposed and payable for a period no greater than 20 years after the first installment is made. (D) Any Housing Improvement Fee shall be pre-payable in full or in pact by housing unit owners within 30 days after the effective date of the resolution setting the Housing Improvement Fee, provided that if only a portion is prepaid, the prepayment amount must be at least 25% of the total fee for that unit. After such 30-day period the Housing [mprovement Fee (or unpaid portion thereof) shall not be pre-payable. (E) The resolution imposing any Housing ]mprovement Fee may provide that any fee (or portion thereof) not prepaid by the housing unit owner shall be deemed to include interest on unpaid Housing hnprovement Costs at a rate that will produce total fee revenue collected firm all units in Housing [mprovement Area No. t in an amount that equals 105 percent of the debt service payable each year on the bonds to be issued under Section 4 hereof, (F) Any Housing Improvement Fee shall be collected at the same time and in the same manner as provided for payment and collection of ad valorem taxes, in accordance with Minn. Stat. § 428A.05. As provided by that statute, the Housing Improvement Fee is not included in the calculation of levies or limits on levies imposed under any law. 4. ISST7ANCE OF BONDS. At any time afer a contract with Canabury Square for consttuction of all or part of the Housing Improvements has been entered into or the work has been ordered, and the 30-day period for prepayment of the Housing Improvement Fee has expired as described in Section 3(D) hereof, the Council may issue bonds in the principal amount necessary to finance the cost of the Housing Improvements that have not been prepaid together with costs of issuance of the bonds. Such bonds shall be issued pursuant to and in accordance with Minn. Stat, § 428A.16. 7