In March 1995, the City of Hopkins received petitions from over 50% of the owners of Meadow Creek Condominiums to impose the necessary fees to finance $1,165,000 in improvements to the common areas of the association. The City held the necessary public hearings and the housing improvement area and fees were approved by the Hopkins City Council. Owners were then given the opportunity to veto the imposition of the fees. This did not happen and the fees went into effect on May 5, 1995.
The improvements financed through the creation of a Housing Improvement Area include the following:
Owners were given from May 8, 1995 to June 7, 1995 to prepay the entire fee. If an owner chose not to prepay the fee, payment of the fee must then be made twice annually for the 16-year statement (including interest and associated financing costs) beginning with property taxes payable in 1996. The payments vary by unit type and range from $227 - $339 per year.
If the fee is not prepaid, the balance cannot be paid off at any time during the 16-year term of the district. If the property is sold, the new owner must assume the fee as part of the property taxes. This fee is not a special assessment.