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information staff has included the original declaration for the WWVI townhome association (Attachment J) . . 1.4. State Statutes allow for other methods to be utilized to calculate the division of costs . to the property owners. These include dividing the cost proportionally to the t�able . market value for each unit as well as dividing the cost by square footage of each unit. . Staff has included a spreadsheet detailing the costs per units based on these . methods. (Attachment G) . It is important to note that the public hearing that was sent . out indicated that the costs would be divided per the WWVI Second Amendment � Declaration. If the City Council determines that a different method should be used to � divide the costs, staff believes that a new public hearing will need to be called. � 1.5. The Housing Improvement Area and the fees are to be spread over a period of 15 � years. The proposed interest rate of 7.75% is consistent with the current rate for the � City to bond along with a 1.5% fee for the City administration fee. The amount of � the fee to be levied against each of the units is shown in Attachment E. The fees will � be collected annually along with taxes although they may be paid in full at any time. � Any fees paid in full within 30 days of the adoption of the resolution will not be � subject to interest. Thereafter, interest is charged from the date of the resolution. � 1.6. Similar to the HIA when it was created, State law provides that a resolution imposing � the fee may be vetoed within 45 days after its adoption by the owners of 35% or � more of the housing units. For this reason, the City will not take the risk of � committing to the project until those 45 days have elapsed, or until the owners of at � least 65% of the units have committed in writing not to object to the fee. � 1.7. The statutes require that before a resolution imposing the improvement fees can be � adopted, the Association must submit a financial plan demonstrating that future � maintenance and capital improvements in the area can be accomplished by the f Association. Such a plan has been presented and reviewed by the City's Finance f Director. The plan indicates that through increases in the monthly assessments and f proper maintenance the Association should be able to maintain the existing f improvements as well as make future capital improvements that may be needed. (See f attachment H) . 2. REQUESTED COUNCIL ACTION f 2.1 Adopt attached resolution that imposes fees for the improvement of the units within f Westwood Village I per the Westwood Village I by-laws. (See attachment I) Prepared by: Jeanne A. Kelsey, Housing Program Coordinator (651-792-7086) Attachments: A:Ordinance B: RCA and Minutes from September 22, 2008 meeting C: Construction Costs Page 2 of 3