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MINUTES <br />CITY COUNCIL <br />DECEMBER 10, 2008 <br />was it may be better to address the needed improvements at one time <br />rather than nickel and dime all the property owners over the next few <br />years. He noted that the improvements will not get any less expensive. <br />One owner noted that a couple of years ago the association had $300,000 <br />in reserves. West pointed out that the majority of that money went for a <br />new boiler and roof improvements. <br />The City Administrator noted that if the improvements are financed <br />through an HIA, property owners will not see the first installments until <br />2010. It was also noted that payments made within the first 30 days of the <br />fees being assessed will be at no interest. Again, the option of County <br />financing of a portion of the improvements at 2% was pointed out. <br />The Administrator indicated that the biggest hurdle will be determining <br />how to address fee balances when units are sold. He noted that it will not <br />be possible to allow fee payments after they have been assessed, as the <br />City will require this revenue stream to pay the bonded debt. He also <br />noted that some mortgage companies require fees such as this to be paid <br />when a unit sells. The Administrator stated that various options such as <br />establishing escrow accounts will have to be pursued. <br />The Council asked for a show of hands as to those in support of adopting <br />the HIA ordinance this evening. Nine property owners supported the <br />adoption, while seven felt action should be tabled until the association <br />could have additional informational sessions with residents. <br />Blesener pointed out that even if the ordinance is adopted this evening, it <br />will be up to the condo property owners to approve a project. Adoption of <br />the ordinance will start the 45 day clock within which 35% of property <br />owners can petition and veto the ordinance. <br />There was no one else present from the general public wishing to <br />comment on this matter. <br />Upon motion by Keis, seconded by Boss, the public hearing was closed. <br />Mr. Keis introduced the following resolution and moved its adoption: <br />RESOL UTION NO. 2008-I2-305 -ESTABLISHING HOUSING <br />IMPROVEMENT AREA N0.2 PURSUANT TO MINNESOTA <br />STATUTE NO. 428A.14 AND EXPANDING THE POTENTIAL <br />IMPROVEMENT LIST TO INCLUDE SECURITYSYSTEMAND <br />FLOORING UPGRADES AS DISCUSSED THIS EVENING <br />