The Westbrooke Patio Homes Association identified the improvements proposed to be financed though the City of Hopkins and held a series of informational owner meetings. In October and November 1996, the Association voted on the proposed program and in December 1996 submitted the required petitions to hold public hearings on the creation of the housing improvement area and the setting of the fees. Petitions were signed by more than 35 percent of the owners.
The City of Hopkins held the necessary public hearings and approved the housing improvement area and fees. Owners were then given until March 21, 1997 to veto the imposition of the fees. A sufficient number of vetoes was not received.
The improvements financed through Housing Improvement Area No. 2 - Phase I include the following:
Owners were given from March 24, 1997 to April 22, 1997 to prepay a portion (25% minimum) or the entire $6,905 fee. If an owner chose not to prepay the entire fee, payment of the fee must then be made twice annually for the 20-year term of the district. The payment is made through a fee on an owner's property tax statement (including interest and associated financing costs) beginning with property taxes payable in 1998. The interest rate on the fee is 7.81%.
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.