03-30-09 HIA Agenda - Laserfiche WebLink

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Fleur Royale Condominium Association Additional Information March 30, 2009 1. When is the due date for the Petition to Veto for the CCA Housing Improvement Area Fee Resolution? A.) A Petition to Veto is due 45 days after adoption of the resolution levying fees. If adopted tonight, the petition to veto that resolz~tion would be due by Thursday, May 14°'. They must be submitted to City Hall. Owners representing at least 35% of the tax capacity value of the properly must sign the petition to veto. (This is not 35% of the ownership. Staff will have to prepare a sheet to aid in this calculation. This is a Statutory requirement.) If owned by two people, both people must sign the petition to veto. 2. If the City receives enough signatures from petitioners to overturn the fee resolution, what happens next? A.) The fees will not be adopted and the project will not move, forward. What if someone signs the veto petition and then changes their mind, wanting their name removed? A.) They would need to give the City a written statement asking that their name be removed from the petition. Staff would review it to ensure there is a signature match and may do other ,follow-up to ensure authenticity. 4. Do we have 45 days to reconsider signing the veto petition? A) Not necessarily. Once the petition is presented to the City and verified to meeting the statutory criteria, then the resolution will be overturned. If that occurs I S days into the 45- day period, then the resolution will be declared overturned at that point and the process ends. If signatures come in after that happens, it will be to late to revise the determination. 5. If the fee resolution is not overturned, what happens next? A) Contracts for the work to be undertaken will be executed and the project will proceed as planned. 6. When will the exact interest rate be known? A) When the bond issue is sold. This can't occur until we know the amount of prepayments, if Ramsey County money is involved, and after the 45-day veto period. Bond market factors coz~ld also impact the rate. We also need to combine this project with other two projects (Canabury Condos and Canabury Square), assuming they move forward. What will the exact amount of my annual payment be? A) Again, until the final interest rate is determined, that is unknown. However, attached to this sheet is are estimated annual payments based on a 6.45% interest. The schedule is based on "percentage of ownership" factors. 'therefore, if you know yozzr percentage of ownership, you can see what your estimated annual payment will be. Keep in mind that this will be paid with your property taxes. As a result, you would divide the amount shown by two (2) to reflect two property tax payments (May & October).