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03-18-09 HIA Agenda
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03-18-09 HIA Agenda
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7. When will the exact interest rate be known? <br />A) When the bond issue is sold. This can't occur until we know the amount of prepayments, if <br />Ramsey County money is involved, and after the 45-day veto period. Bond market factors <br />could also impact the rate. We also need to combine this project with other hvo projects <br />(Fleur Royale and Canabury Condos), assuming they move forward. <br />8. What will the exact amount of my annual payment be? <br />A) Again, until the final interest rate is determined, that is unknown. However, attached to this <br />sheet is are estimated annual payments based on 6% and 6.75% interest. The schedule is <br />based on "percentage of ownership",factors. Therefore, ifyou know your percentage of <br />ownership, you can see what your estimated annual payment will be. Keep in mind that this <br />will be paid with your property taxes. As a result, you would divide the amount shown by <br />two (2) to reflect two property tax payments (May & October). <br />9. If I want to sell my unit, but can't prepay my fee, how do I deal with that? <br />A) We have been told by other communities that have implement HIA's that mortgage companies <br />will allow the fee payments to remain for a new buyer if they are told that is the way it has to he. <br />Therefore, you can negotiate this impact into your selling price with the buyer and they will then <br />make any remaining payments. <br />10. What if I have additional questions? <br />A) Please feel free to contact Joel Hanson at City Hall. My phone number is 651-766-4040. I <br />will do my best to answer your question or get you the information you desire. You may also <br />contact the members ofyour Advisory Board for more details on the specifics of the projecC. <br />
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