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2. Association Information
4. Legal Name of Association*
6. Mailing Address*
8. City*
9. State*
10. Zip Code*
12. Name of Designated Administrator*
14. Phone Number*
15. Email Address*
17. Legal Description of Project Site*
21. Housing Improvement Area (HIA) Information
23. What is the proposed term of the HIA?*
25. How do you propose the fee to be charged to the affected property owners?*

    1. Equally among all properties
    2. Other
27. Please identify
29. Amount of Loan Anticipated*
31. Are there any properties within the HIA which should be exempt from the fee? *

    1. Yes
    2. No
33. If yes, please explain
37. Attachments

    Please attach the following:

39. 1. Provide a general description of the project.*
41. 2. Explain how the project will meet the goals of the City Council as identified in Section 3 of the City’s HIA policy.*
43. 3. Provide a proposed timeline for the project including the dates of membership meetings to discuss the project, meetings with the HOA board and staff, submittal of required petitions, public hearings, City Council meetings, construction start, and project completion.*
45. 4. List of improvements and estimated project budget. The improvements must be presented in architectural plans and bid documents prepared by an architect. Submit a minimum of 2 detailed bids from different licensed contractors. The bids should prioritize the needs and include specific breakdown of materials, labor, permits, taxes and other charges that may be incurred. The contractor must provide a performance guarantee to the Association in the form of a Letter of Credit or Bond or intent to provide one as a part of the construction contract.*
47. 5. Explain why HIA financing is necessary to undertake the project. Attach any documentation regarding efforts to secure private financing and at least two letters from financial institutions denying permanent loan approval.*
49. 6. Explain the process used to determine the scope of the proposed project. Provide any documentation regarding owner meetings discussing project and initial owner support. *
51. 7. Recorded Association Declaration *
53. 8. Association Bylaws*
55. 9. Audited financial statements for the last two years. If the association has not had the practice of having its annual financial statements audited, then audited financial statements for the immediately preceding fiscal year along with unaudited financial statements for the fiscal year before that.*
57. 10. Certificate of Good Standing from the Secretary of State*
61. Requirements for HIA Financing
63. To apply for HIA financing, the owners within the association must agree to the following:
    1. Must use City’s choice of bond counsel and financial advisor(s). The city’s legal, financial consulting, and administrative costs will be charged to the escrow or the project.
    2. The association will obtain construction financing through a private lender.
    3. Payment of an initial application fee of $1,000. Payment of an escrow fee of $7,500. The escrow will be drawn upon to pay all of the City’s costs for legal and fiscal review of this project including Bond Counsel (if not included in the bond amount), financial advisor, City attorney, and staff and administrative costs. If the escrow becomes depleted prior to the issuance of bonds, the association will be required to replenish the escrow.
    4. City staff or its agents will review the performance and level of outstanding debt of the previous HIAs before recommending the approval of an additional HIA debt.
    5. The bonds shall be for an issue not less than $750,000, other City sources may be used, and the City determines if bonds are to be used.
       1. The City will charge interest on the service charges at a rate determined by the City at the time of sale of the bonds. The interest rate for service charges shall be determined by the City’s Finance Director.
    6. Service charges (including, but not limited to, construction costs, cost of issuance of bonds, and other pertinent costs associated with the project) will be imposed on the owners in the same ratio as common elements or such other uniform method as proposed by the applicant. Service charges will be payable and collected at the same time and in the same manner as provided for payment and collection of ad valorem taxes. Service charges not paid on or before the applicable due date shall be subject to the same penalty and interest as  in the case of ad valorem tax amounts not paid by the respective due date.
65. By signing this application, signee hereby agrees to the following:
    1. I have read and will abide by all the requirements of the City for taxable bond financing. I will also commit all contractors, subcontractors, and any other major contributors to the project to all segments applicable to them.
    2. The above information is true and correct.
    3. The Association will pay all costs involved in the legal and fiscal review of this project. These costs include the bond counsel, financial advisor, City attorney, staff and administrative costs, and all costs involved in the issuance of the bonds to finance the project.
    4. I understand that the City reserves the right to deny final approval, regardless of preliminary approval of the application.
    5. The Association must enter into a Developer’s Agreement, which may include, but is not limited to, the following terms:
       1. Establishment of a reserve fund
       2. Staffing requirements
       3. Annual reporting and financial auditing requirements, including regular updates to the financial plan not less than once every five years
       4. Conditions of disbursement
       5. Limitations on prepayment of fees, if any
       6. Required dues increases
       7. Notification to all new owners of levied fees, including to individuals that purchase property after the initial project
       8. Requirement of multiple bids for proposed housing improvement project construction
       9. Assessments, including interest and City fees

    6. The proposed improvements will be presented in architectural plans and bid documents prepared by an architect. The association will obtain detailed bids from two different licensed contractors. The bids will prioritize the needs and include specific breakdown of materials, labor, permits, taxes and other charges that may be incurred. A construction contract must be provided between the association and the contractor. This contract shall be reviewed and approved by the city. The contractor will provide a performance and payment bond to the association with the city as co-oblige and proof of insurance with limits identified in the construction documents. 
67. Electronic Signature Agreement

    By checking the "I agree" box below, you agree and acknowledge that 1) your application will not be signed in the sense of a traditional paper document, 2) by signing in this alternate manner, you authorize your electronic signature to be valid and binding upon you to the same force and effect as a handwritten signature, and 3) you may still be required to provide a traditional signature at a later date.

    1. I agree.
69. Electronic Signature of Designated Administrator*
70. Date*
    Date
74. Supplemental Application
76. The initial application will be reviewed by staff and by City Council. After preliminary approval, the following additional information will be required"
    1. Provide petitions in support from at least 75% of owners within the association. The petition must be in a format provided by the City.
    2. Provide evidence of preliminary approval of temporary construction financing from a private lender. Explain how construction progress will be monitored, and how construction draws will be reviewed and processed.
    3. Provide a Reserve Study, Reserve Plan, HIA Reserve Plan, and Financial Plan that meets the requirements of the City’s HIA policy and that has been prepared by an independent third-party with designation as a CAI certified reserve specialist. The plans must conform to Community Associations Institute (CAI) reserve study standards. The plans must include the following elements:
       1. A replacement reserve study (Reserve Study) which must include a thirty-year replacement reserve plan (Reserve Plan). The components of the proposed improvements must normally come from the Reserve Study.
       2. A thirty-year reserve plan (HIA Reserve Plan) with the components of the proposed improvements removed from the Reserve Plan.
       3. A thirty-year financial plan (Financial Plan) that reflects the annual replacement reserve contribution based on the HIA Reserve Plan. The Financial Plan will provide a plan for the association’s operating budget with cost increase over time.
       4. Scope of Work for Improvement Project including project budget. The Scope of Work must address all items needed to bring the property into compliance with City Code. Items identified in the association’s governing documents as common elements are eligible for HIA financing. Limited common elements may be eligible for HIA financing if the cost of improvements if prorated among owners at the same ratio as common elements or such other uniform method as proposed by the applicant.
    4. Provide any documentation listing owners who are interested in prepaying the full amount and those who are interested in applying for hardship deferral.
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78. 1. Receive an email copy of this form.
79. Email address

    This field is not part of the form submission.

80. Submit Submit and Print

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