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Canabury Townhouse Association Frequently Asked Questions October 29, 2008 What happens at the hearing on November I2t~' with the City Council? A) The purpose of the 11/12 hearing is to consider the adoption of an ordinance creating an HIA ,for Canabury Townhouse Association. As a public hearing, all members of [he association will be invited and they may offer their comments at this meeting. Given the City Council's recent actions with Canabury Square, they will want to see a very strong indication firom those present that creating the HIA is the desired outcome. They do not want to be in the position of `forcing" an HIA on an association. They are x~ilh~ng to facilitate a project but not mandate one! 2. If the HIA Ordinance is adopted, when does it become effective? A) The HIA Ordinance beconses effective 4S days after adoption (December 29, 2008) if an adequate petition to overturn the ordinance is not received within that period of tina~e. 3. When is the due date for the Petition to Veto for the CTA Housing Improvement Area? A) Petition to Veto forms would be due on or befor°e December 29th. They must be submitted to City Flall. 3S% (22 of 62) of the owners of units must petition to veto in order to overturn the City's ordinance creating the CTA HIA. 4. If the City receives enough signatures from petitioners to overturn the HIA, what happens next? A) The HIA process will end and no,further action on the part of the City will occur. 5. If the HIA is overturned at this time, can we reconsider it again at a later date? A) There is nothing preventing a new petition (at least 2S% of the properly owners although we may require a higher percentage - at least 50%) fironx being submitted to the City at any future date other than the fact the lam authorizing the creation of an HIA will sunset without legislative action to extend this provision. The sunset date is June 30, 2009. 6. If the HIA is not overturned, what happens next? A) The advisory committee will continue mock on defining the work scope and on bidding the project. A,fee hearing will be held, likely after bids are received, but before bonds are sold. All members will be notified of this hem~ing. I would estimate this hearing would happen in F'eb/March. 7. What fees will be charged to my unit? A) The exact numbers are not known at this time, as the project has not been bid yet. Estimates are available for various bond issue sizes firom CTA. Please contact them for more information. A. When can I pay the fees chargeable to my unit? A) Fees can be paid in part (at leasC 25%) or in,full 30 days after adoption of the fees by the City Council. No interest will accrue dur°ing this 30-day period for the portion of fees paid. For any fee amount left unpaid, interest accrues from the date the fees are adopted. 9. What happens if I do not pay all or part of my fees within the 30-day period after the fee hearing? A) The.fees will be certif ed Co Ramsey County for collection with. your property taxes beginning in 2010 (May 1 S`r` and October° 1 S°). The inter°esC rate that will apply to the fees will be based on