City of St. Louis Park
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City of St. Louis Park Housing Improvement Area November 10, 2010
description
City of St. Louis Park. Housing Improvement Area November 10, 2010. Agenda. Introductions Stephanie Statz, Greensboro Condominium Owners Association President & Board Members Matt Lupkes, On Site Property Manager Steve Pfeiffer, Gassen Company - PowerPoint PPT Presentation
Transcript of City of St. Louis Park
City of St. Louis Park
Housing Improvement
Area
November 10, 2010
Agenda
• Introductions– Stephanie Statz, Greensboro Condominium
Owners Association President & Board Members
– Matt Lupkes, On Site Property Manager– Steve Pfeiffer, Gassen Company– Kathy Larsen, City of St. Louis Park Housing
Programs Coordinator
Agenda
• Meeting Purpose
Inform Greensboro Association
members about potential tool to pay for common area improvements.
“St. Louis Park is committed to providing a well maintained and diverse housing stock.”
Housing Improvement Area (HIA)
Financial Tool
• Association borrows funds
• Common area improvements
• Owners repay through HIA fee collected with property tax payments
• HIA fee paid only by owners – not citywide
HIA Statute
• Association must initiate • Over 50% owners petition City • Public Hearing required • Veto period – 45% of owners submit
written objections• Typically unit fee based on % of ownership same calculation used to determine
monthly association dues
Why Borrow $ from City?
• Lenders & Associations– Collateral – By-laws
• Last resort financing
• Risk to city low – paid with property taxes (only owners pay – not citywide fee)
• More affordable payment for owners
Payment of Fee
• Owners pay fee with property taxes– If taxes escrowed, fee included with mortgage
payment – If taxes are paid on May 15th, Oct 15th – fee
paid at same time
• Prepayment – Pay fee in advance– 2-6 month prepayment period
Payment of Fee
• When owner sells unit – To be determined if fee transfers with unit
• Hardship deferral – 65 years and older AND low income
OR– Permanently disabled AND low income
Process
• Association determines improvements
• Submits application to city
• City reviews financials/improvements
• Association distributes petition
• City Council Public Hearing & 2nd meeting
• Veto Period – 45 days
Petition is Your “Vote”
• 50% or more owners must sign petition requesting HIA and imposition of fee
• Type of improvement
• Estimated cost
• Estimated Interest rate – less than 6%
• Length of loan - 10-20 years
• Unit fee based on % ownership
Q & A
Contact Information
Greensboro Square Association President• Stephanie Statz, 952-303-6944, c 612-245-0500• [email protected]
On-Site Property Manager• Matt Lupkes, 952-254-0477• [email protected]
Contact Information
Gassen Company • Steve Pfeiffer, CMCA, 952-253-4924 or 952-922-5575
City of St. Louis Park• Kathy Larsen, 952-924-2196• [email protected]
