In November 1998, the City of Hopkins received petitions from over 50% of the owners of Valley Park Condominiums to impose the necessary fees to finance $1,575,000 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 February 20, 1999.
The improvements financed through the creation of a Housing Improvement Area include the following:
Owners were given from February 22, 1999 to March 23, 1999 to prepay a portion or the entire fee. If an owner chose not to prepay the fee, payment of the fee must then be made twice annually for the 20-year term of the district. The payment will be accomplished through a fee on an owner's property tax statement (including interest and associated financing costs) beginning with property taxes payable in 2000. The estimated payments vary by unit type and range from $712.17 - $994.00 per year. Owners of garage units will pay an additional estimated annual fee of $30.70.
If the fee is not prepaid, the balance cannot be paid off at any time during the 20-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.