Westbrooke Patio Homes, City of Hopkins, MN
The City of Hopkins created a Housing Improvement Area to allow for the financing of a $2.3 million improvement project. The area contained a number of older town homes that had deteriorated. The project involved renovating and reconfiguring 40 buildings and garages. The work was extensive and involved many updates to the systems and infrastructure of the complex. These modifications greatly improved the livability and energy efficiency of the community.
The Westbrooke Patio Homes Association proposed a series of improvements. A series of meetings were held with the residents of the area as well as City of Hopkins. The Association voted on the proposed program and petitions were signed by more than a third of the residents.
The owners were given two options for paying back the housing improvement area. Either a resident could prepay the full amount or they could make biannual payments over a period of 20 years. The payments are made through a fee on the owner's property tax statement (including interest and associated financing costs). The interest rate for this particular project was between 7 and 8 percent.
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