03-30-09 HIA Agenda - Laserfiche WebLink

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(C) If not prepaid in accordance with section 2(B) hereof, the Housing Improvement Fee (or unpaid portion thereof) shall be payable in equal annual installments extending over a period of 15 years, the first of the instalhnents to be payable in calendar year 2010, which annual payment shall be deemed to include interest on unpaid Housing Improvement Fee fi•om the date of this Resolution as an a~mual interest rate that will produce total fee revenue collected from all units in Housing Improvement Area No. 2 in an amount that equals 105 percent of the debt service payable each year on bonds to be issued by the City to finance the Housing hnprovements ("Bonds") in accordance with the Enabling Ordinance and Minn. Stat. § 428A.16. Upon issuance of the Bonds, the City Clerk shall cause to be prepared a schedule indicating the annual payment for each housing unit for which the I-Iousing Improvement Fee has not been prepaid, which schedule shall be attached as Exhibit B to this Resolution in the City's official records. (D) The Housing Improvement Fee, unless prepaid in accordance with section 2(B), shall be payable 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. (E) The Housing Improvement Fee imposed against each housing unit shall not exceed the amount specified in Exhibit A hereto; provided, however, that the Housing Improvement Fee may be reduced at any time before issuance of the Bonds, which reduction shall be applied pro rata to each housing unit's Housing Improvement Fee on the basis described in section 2(A), and further provided that if any housing unit owners have prepaid the Housing Improvement Fee prior to any reduction in that fee, the City shall promptly reimburse such housing unit owner in the amount of the pro rata share of any reduction in the fee amount. Upon any reduction in the Housing Improvement Fee, the City Clerk shall cause to be prepared a revised copy of Exhibit A hereto, which shall be attached to this Resolution in the City's official records and shall be promptly mailed to all housing unit owners within Housing hnprovement Area No. 2. (F) Within 30 days after issuance of the Bonds the City Clerk shall mail to each housing w7it owner a copy of Exhibit B to this Resolution showing the final annual fee imposed against each housing unit for which the Housing Improvement Fee has not been prepaid. 3. NOTICE OF RIGHT TO FILE OBJECTIONS. Within five days of the adoption of this Resolution, the City Clerk is authorized and directed to mail to the owner of each housing unit in the Housing Improvement Area No. 2: a summary of this Resolution; notice that owners subject to the proposed Housing Improvement Fee have a right to veto this Resolution if owners of units making up at least 35 percent of the tax capacity within Housing hnprovement Area No. 2 file an objection with the City Clerk before the effective date of this Resolution; and notice that a copy of this Resolution is on file with the City Clerk for public inspection. 4. FILING OF HOUSING IMPROVEMENT FEE. Within 30 days after issuance of the Bonds, but in no event later than October 1, 2009, the City Clerk shall file a certified copy of this Resolution together with a final update of Exhibits A and B hereto with the Ramsey County Assessor to be recorded on the property tax lists of the county.