Meadow Creek Condominiums (Housing Improvement Area Fee)
Overview
The City of Hopkins has the authority to establish housing improvement areas under the Housing Improvement Act (1994 Minnesota Laws, Chapter 587, Article 9, Section 22 through 31).
Within a housing improvement area, the City can sell bonds to pay for various improvements to individual housing units and common areas. Those bonds are then repaid through fees imposed on the owners of the units.
What is the history of the Meadow Creek Housing Improvement Area?
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.
What improvements were completed?
The improvements financed through the creation of a Housing Improvement Area include the following:
- Rehabilitation of existing garages
- Installation of new signs
- Upgrading building exteriors
- Replacement of light fixtures
- Rebuilding of trash and recycling areas
- Parking lot repairs and other site improvements
How are the fees paid?
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.
Important: 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.
Who can I contact for more information?
For more information, including the outstanding annual fee on a particular unit, you may contact:
Housing & Development Coordinator
952-548-6343