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1 <br />2 <br />3 <br />4 <br />5 Staff Approval: <br />6 <br />� <br />9 <br />10 <br />}� <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />REQUEST FOR COUNCIL ACTION <br />Date: 06-08-09 <br />Item No: ll.a <br />Manager Approval: <br />.�';������, <br />Item Description: Public Hearing to Consider a Resolution for the Imposition and <br />Collection of Fees in the Housing Improvement Area for Westwood <br />Villa�e I (HF0052) <br />1.0 Background <br />f�• 1] <br />41 3.0 <br />42 <br />43 <br />44 <br />1.1 The fee resolution that was passed on January 23rd, 2009 allowed for pay off of the <br />assessments anytime after issuances of the bonds. Staff worked with the WWVI <br />association to review what the potential risk was for the Association to guarantee any <br />shortfalls from the early pay off, especially if WWVI maintained a debt service <br />reserve to cover any shorts. Staff and Springsted did review the risk and felt that it <br />was minimal. Sut because of market unknowns of how many pay offs could happen <br />over a period of time after the issuance of bonds the WWVI �Soard has requested <br />that the City of Roseville modify the fee resolution to not allow for any payoffs of <br />the assessment after the bonds are issued. <br />1.2 Staff has sent notice out to all property owners allowing for early p�ay off or a <br />portion until July 23rd if the new fee resolution is passed on June 8t at the City <br />Council Meeting (see attachment A). In addition Staff has also sent out letters to <br />residents that have partially and in full prepaid their assessments allowing for them <br />to either get a full refund with interest or just the interest that has been earned for the <br />money sitting in an interest bearing account with the City because of the delay (see <br />attachment S) . <br />1.3 Previous assessment amounts that were adopted on January 23rd, 2009 stayed the <br />same for all property owners. <br />Requested Action <br />Staff is requesting to open the public hearing to consider the adoption of a resolution <br />establishing the imposition and collection of fees in the Housing Improvement Area (HIA) <br />for Westwood Village I. <br />Suggested Council Action: <br />2.1 Open Public Hearing and Take public comment — mailed notice was sent to all of <br />the owners of record within the proposed boundary of the HIA for Westwood <br />Village I. In addition, a public notice was published in the paper. <br />Council Meeting (06-08-09) - Page 1 <br />