Politics & Government

City Will Bond for Lakeview Terrace Condo Improvements

The Oakdale City Council established the Lakeview Terrace Condominiums as a Housing Improvement Area Monday night.

The stage is set for the Lakeview Terrace Condominiums to receive some improvements. 

The Oakdale City Council establisehd the condominiums as a Housing Improvement Area (HIA) Monday night.

The HIA program is a way for the city to provide financing to townhomes or condominiums to make common-area improvements. The city provides the funds through selling general obligation bonds. Then the city is paid back from a fee by each of the units in the condominium. The fee residents pay varies on the size of the unit and if they have a garage or parking space. The fees are collected twice a year with property taxes.

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The city and the condo association entered into a contract that lists all the improvement terms and the time-frame for completion, said Community Development Director Bob Streetar. 

The city is bonding $750,000. Residents will have 15 years to make payments with an interest rate between 4 and 4.5 percent. 

Find out what's happening in Oakdalefor free with the latest updates from Patch.

Improvements are only made to the common areas, which can include roofs, boilers, elevators or anything that everyone uses. Improvements are not made to residents' private units.

 

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