§ 5. Housing improvement fee

5.01. The City may, by resolution adopted in accordance with the petition, hearing and notice procedures required under Minn. Stats. § 428A.14, impose a fee on the housing units within the Zumbra Ridge Housing Improvement Area, at a rate, term or amount sufficient to produce revenues required to provide the Housing Improvements (hereinafter referred to as the "Housing Improvement Fee"), subject to the terms and conditions set forth in this Section.

5.02. The Housing Improvement Fee shall be imposed on the basis of the total cost of the housing improvements to be financed by the housing improvement fee, divided by the number of housing units in the housing improvement area as of the date of any fee resolution.

5.03. The Housing Improvement Fee shall be imposed and payable for a period no greater than three years after the first installment is due and payable.

5.04. Housing unit owners shall be permitted to prepay the Housing Improvement Fee in accordance with the terms specified in the resolution imposing the fee.

5.05. The Housing Improvement Fee shall not exceed the amount specified in the notice of public hearing regarding the approval of such fee; provided, however, that the Housing Improvement Fee may be reduced after approval of the resolution setting the Housing Improvement Fee, in the manner specified in such resolution.

(Ord. No. 307, 4-10-03)