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could be along with having WWVI maintain a debt service reserve to cover any shortfalls and felt that the risk was minimal. Sut because it is unknown how many early payoffs could happen after the issuance of bonds the, WWVI Soard did not want to assume the risk of paying back significant shortfalls due to early payoffs and has requested that the City of Roseville modify the fee resolution to not allow for any payoffs of the assessment after the bonds are issued. Staff has sent notice out to all property owners allowing for early pay off or a portion until July 23rd if the new fee resolution is passed on June 8th at the City Council Meeting. In addition Staff has also sent out letters to residents that have partially and in full prepaid their assessments allowing for them to either get a full refund with interest or just the interest that has been earned for the money sitting in an interest bearing account with the City because of the delay. All assessment amounts stayed the same from what was adopted on January 23rd, 2009 and will not change as part of the new fee resolution. In addition a disbursement agreement needs to be entered into. The disbursement agreement allows for collection of lien waivers each time the contractor requests payment. This is a similar document that has been used in other communities when HIA funds where bonded for. All of the same rights that were provided for on the passing of the Fee Resolution on January 23rd, 2009 will be followed when this new fee resolution is adopted on June 8, 2009. The owners will have 45 days to veto the Resolution of Adoption of Fee. If owners of at least 35 percent of the housing units within the Housing Improvement Area file an objection with the City Clerk before the effective date of this Resolution. The fee resolution that was adopted on January 23rd, 2009 did not have one veto sent to the City Clerk. POLICY OBJECTIVE The prior establishment of a Housing Improvement Area supported investment in multi-family buildings and neighborhoods consistent with the goals identified in Imagine Roseville 2025, the Roseville Comprehensive Plan, and the Roseville HRA's Strategic Plan. The passage of the fee resolution will allow for the project to move forward. FINANCIAL IMPACT The City will be collecting an administrative fee to cover the costs of the issuance of the bonds and staff time. STAFF RECOMMENDATION Staff recommends that the City Council adopt the new fee resolution, and authorize the City of Roseville to enter into a development agreement and disbursing agreement as it relates to the exterior improvements to be undertaken at Westwood Village I, REQUESTED COUNCIL ACTION 1) Adopt attached resolution that imposes fees for the improvement of the units within Westwood Village I. (See attachment A) -and- Page 2 of 3