HomeMy WebLinkAbout2013-05-29 Oakgreen Villas ltr to OPH City Council Re Modificaiton of Development Agreement Pg 15 - HOA Related P.O. 119
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651-430-3981
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Oakgreen Villas, LLC
May 29,2013
Oak Park Heights City Council
City of Oak Park Heights
15330 58th St. N
Oak Park Heights,MN 55082
RE: Proposed Modification of Development Agreement Page 15
Dear Council Members:
During the past few weeks we have been working with the four residents of the townhomes on Nutmeg Avenue regarding the
handing over of the Homeowners Association. Because of the developments modifications,these four units will be the only
units in the Condominium Association The original Association was intended to be 67 units and we were to fund the
Homeowner Association reserves in the amount of$50,000.
We have reached a tentative agreement among all of us,whereby we have agreed to take on more of the potential Association
liabilities and expenses. Specifically,we agreed to maintain and repair all streets,utilities,storm ponds and other private
utilities in perpetuity. Doing this relieves those four unit owners of any potential long term,expensive problems.
We also agreed to provide and pay for the costs of lawn upkeep,street maintenance and plowing. These items significantly
reduce the long term funding and reserve issues for the Association.
Because of this,the need for the large reserve funds is reduced. We need the Councils'"blessing"to modify the amount to
be placed in the reserve from$50,000 to$5,000. The Homeowners have agreed and it makes sense that a lesser amount is
needed since there are 63 less units in the Association and we have transferred a large amount of liabilities from the
Homeowner's to ourselves.
Our Attorney is preparing documents for the execution of the"turn-over"to the Association,upon everyone's approval.
Hopefully,this request makes sense. Please feel free to ask any questions at tonight's meeting.
Sincerely,
Tim Nolde
Oakgreen Villas,LLC.