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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

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City of St. Louis Park

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  1. City of St. Louis Park Housing Improvement Area November 10, 2010

  2. 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

  3. Agenda • Meeting Purpose Inform Greensboro Association members about potential tool to pay for common area improvements.

  4. “St. Louis Park is committed to providing a well maintained and diverse housing stock.”

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. Q & A

  13. Contact Information Greensboro Square Association President • Stephanie Statz, 952-303-6944, c 612-245-0500 • Stephanie.Statz@comcast.net On-Site Property Manager • Matt Lupkes, 952-254-0477 • greensboro_square@hotmail.com

  14. Contact Information Gassen Company • Steve Pfeiffer, CMCA, 952-253-4924 or 952-922-5575 • spfeiffer@gassen.com City of St. Louis Park • Kathy Larsen, 952-924-2196 • Klarsen@stlouispark.org

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