HomeMy WebLinkAboutCity Council Resolution 1989-683After some discussion, Mayor Schneider
introduced the following resolution and moved its adoption:
RESOLUTION NO. 89-683
RESOLUTION RELATING TO THE ISSUANCE OF
REVENUE BONDS PURSUANT TO CHAPTER 462C,
MINNESOTA STATUTES, FOR THE PURPOSE OF
FINANCING A MULTIFAMILY HOUSING
DEVELOPMENT FOR THE ELDERLY AND OTHER
PERSONS AND FAMILIES; GIVING PRELIMINARY
APPROVAL TO THE DEVELOPMENT AND CALLING
FOR A PUBLIC HEARING ON A PROGRAM FOR THE
ISSUANCE OF SUCH REVENUE BONDS
BE IT RESOLVED by the City Council of tho City of
Plymouth, Minnesota (the "City") as follows: :
Section 1. Recitals.
1.1. By the provisions of Minnesota Statutes,
Chapter 462C, as amended (the "Act"), the City is authorized to
plan, administer and make or purchase loans to finance one or
more multifamily housing Gevelopments within its boundaries,
including a development consisting of multifamily housing
facilities designed and intended to be used for rental occupancy
primarily by persons described in Subdivisions 2 and 4 of
§462C.05, Minnesota Statutes.
1.2. BoisclairCorporation, on its behalf and on
behalf of a partnership to be formed with the tentative name of
Plymouth Landing Partners (collectively, the "Company"), has
indicated to the City itri desire to acquire, construct and equip
two tracts of land located in the City of Plymouth a development
consisting of (a) approximately one hundred fifty (150) units on
a site in downtown Plymouth located at 37th Avenue and Plymouth
and (b) not to exceed three hundred twenty (320) units on a site
on Fernbrook Lane located on the East side of the proposed
intersection of 45th and Fernbrook Lane for rental primarily to
the elderly and others together with common recreation and
support facilities (collectively, the "Project"). The Company
estimates the capital costs of the Project not to exceed
$30,300,000. The Company has proposed that the City issue its
revenue bonds in one or more series (the "Bonds") pursuant to the
authority of the Act, in such amount as may be necessary to
finance all or a portion of the costs of the Project in one or
more series and make the proceeds of the Bonds available to the
Company for the acquisition, construction and equipping of the
Project, subject to an agreement by the Company to pay promptly
the principal of and interest on the Bonds.
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1.3. The initial housing plan for the City was
presented in the Plymouth Comprehensive Plan as an update of the
Development Policy Guide for the City of Plymouth. The original
document was accepted by the Plymouth City Council on February 7,
1972, following months of public hearings, drafts and redrafts,
and discussions involving the public, the Planning Commission,
and the City staff. A revised housing plan was then adopted by
the City Council in.December, 1980. The Planning Commission has
continued to review and evaluate this element of the
Comprehensive Plan and approved a revised version which was
considered at.a public hearing on February 26, 1986. The City
Council, on March 17, 1986, adopted Resolution 86-148 approving a
revised version of the housing plan element of the Plymouth
Comprehensive Plan (herein, such revised element is referred to
as the "Housing Plan"). Such Housing Plan specifically evaluates
the housing problems, policies, programs and strategies of the
City, and calls for the use of tax increment financing and
issuance of bonds pursuant to the Act to achieve the City's goals
and objectives set forth in the Housing Plan.
1.4. The Act provides that, prior to issuing revenue
bonds or obligations to finance a development consisting of a
multifamily housing development, the City's Housing Plan must
describe the program for which the revenue bonds are proposed.
The Housing Plan of the City provides, inter Al", that the City
will attempt to provide opportunities for a variety of quality
affordable housing for persons of all income levels and, in
connection therewith, (a) employ the tax increment statute and
issue housing revenue bonds pursuant to the Act for the
development of low and moderate income housing and (b) use
federal and State assistance programs which assist the
construction of housing for the elderly. The Housing Plan also
contemplates the use of the Housing and Redevelopment Authority
of the City of Plymouth (the "HRA") in connection with such
programs.
1.5. Section 4620.05, Subd. 4 and 2 of the Act
authorizes the City to construct housing for rental at market
rates to elderly persons (Subd. 4) and for rental to low and
moderate income families who would otherwise be unable to obtain
adequate housing at prices or rentals they could afford
(Subd. 2), to encourage such construction in the areas of need
and demand with a reasonable balance between non -metropolitan and
metropolitan areas of the state, and to assist in the elimination
of substandard housing conditions and to prevent the recurrence
of such conditions by housing persons of varied economic means
and a wide range of incomes in the same developments and
neighborhoods properly planned and related to public facilities
and sources of employment and s-•rvices. The Act further provides
that the City may plan, administer and make or purchase a loan or
loans to finance one or more developments of the kind described
in Subd. 2 and 4 of Section 4620.05 upon adoption of a "program"
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setting forth the information required by Subd. 6 of
Section 462C.05 and Subd. la of Section 462C.03 of the Act.
1.6. A program implementing portions of the Housing
Plan to achieve several of its stted goals and objectives has
been prepared in accordance with the provisions of Subd. la of
Section 462C.03 and Subd. 6 of Section 462.05. Such program
describes the proposed Project and is herein referred to as the
"Program". A draft copy of the Program has been submitted to
this Council and is attached to this Resolution as Exhibit A.
1.7. Prior to the consideration by the City of the
Program, Subd. 2 of Section 462C.04 of the Act requires the City
to hold a public hearing thereon following a notice published at
least fifteen days prior thereto. On or before the day of
publication of such notice of public hearing, the City is
required to submit the Program to the Metropolitan Council for
review and comment pursuant to Section 462C.04, Subd. 2, of the
Act. The City must also submit the Program to the Minnesota
Housing Finance Agency for review and for approval as provided in
an on the basis of the considerations stated in Section 462C.04,
Subd. 2, of the Act.
1.8. The City has been advised by representatives of
the Company that conventional commercial financing is available
to pay the capital costs of the Project only on a limited basis
and at such high costs of borrowing that the scope of the
Project, the economic feasibility of operating the Project and
the costs to be borne by the residents thereof would be
significantly affected, but with the aid of municipal financing
the Project can be constructed as designed and its operation can
be made more economically feasible. In addition, the Company has
requested that the City and the Housing and Redevelopment
Authority in and for the City of Plymouth establish a tax
increment financing district which shall include the Project and
authorize a Tax Increment Financing Plan and an Interest
Reduction Program pursuant to Chapter 469 of the Minnesota
Statutes, including 5469.012, for the purpose of payment of a
portion of the interest on the Bonds out of tax increment
revenues (the "Tax Increment Interest Reduction Program").
1.9. This Council has been advised by
representatives of Miller i Schroeder Financial, Inc. of St. Paul
and Minneapolis, Minnesota (the Underwriter), that on �-he basis
of information available from the Company and potential
purchasers of tax-exempt bonds, the Bonds could be sold at
favorable rates and terms to finance the Project.
1.10. The full faith and credit of the City will not
be pledged to or responsible for the payment of the principal of
and interest on the Bonds.
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1.11. The applicant has agreed to pay directly or
through the City any and all costs incurred by the City in
connection with the Project whether or not the Project is
approved by the Metropolitan Council or the Minnesota Housing
Finance Agency; whether or not the Project is carried to
completion; and whether or not the Bonds or operative instruments
are executed.
(NO DATE SPECIFIED) Section 2. Approvals: Authorization and Hearing.
2.1. A public hearing on the Program shall be held
at p.m. on , 1989 and the notice of public
hearing attached hereto as Exhibit B shall be published in i
newspaper of general circulation in the City at least 15 days
prior to such public hearing consistent with 5462.04. Subd. 2.
The Manager is authorized to submit the Program, if adopted by
this Council after the public hearing, to the Minnesota Housing
Finance Agency for review and approval in accordance with Section
462C.04 and Section 462C.05 of the Act and appropriate officials
of the City are further authorized to prepare and execute such
further required certifications as may be necessary or
appropriate in connection therewith. The Program shall be
submitted to the Metropolitan Council on or before the day of
publication of the notice of public hearing.
2.2. It is hereby found and determined that it would
be in the best interests of the City (a) to issue the Bonds under
the provisions of the Act to finance the costs of the Project in .
an amount currently estimated not to exceed $30,300,000 and (b)
to authorize the Tax Increment Interest Reduction Program. The
Tax Increment Interest Reduction Program shall be initiated by
the HRA and considered by the City through separate proceedings
as provided for in Chapter 469, Minnesota Statutes.
2.3. The Project is hereby given preliminary
ap;�roval by the City and the issuance of the Bonds for such
purpose approved, subject to conditions on such approval as may
be required as a result of the public hearing called pursuant to
Section 2.1 hereof. The Bonds shall not be issued until the
Program has been reviewed and approved as provided by the Act and
until the City, the Company and the Underwriter have agreed upon
the details of the Bonds and the provisions for their payment.
The principal of, premium, if any, and interest on the Bonds,
when, as and if issued shall be payable solely from the revenues
of the Project and/or the property pledged to the payment thereof
and shall not constitute a debt of the City. The City Attorney
and otter officers of the City are authorized in cooperation with
Lindquist & Vennum, as bond counsel, to initiate preparation of
such documents as may be appropriate to the financing of the
Project setting forth the detailed terms of the Bonds, the
security therefor and provisions for payment of the principal,
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premium, if any, and interest thereon in compliance with state
and federal statutes and regulations. In particular, and without
limitation, the Mayor, City Manager and Clerk are authorized to
execute on behalf of the City any and all certificates necessary
to submit the program to the Minnesota Housing Finance Agency for
approval.
2.4. Pursuant to Subd. 1 of Section 462C.07 of the
Act, in the making of the loan to finance acquisition,
construction and equipment of the Project and in the issuance of
the Bonds or other obligations of the City, the City may
exercise, within its corporate limits, any of the powers of the
Minnesota Housing Finance Agency may exercise under Chapter 462A,
Minnesota Statutes, without limitation under the provisions of
Chapter 475, Minnesota Statutes.
2.5. All commitments of the City expressed herein
are subject to the condition that by December 31, 1992 the City
and the applicant shall have agreed to mutually acceptable terms
and conditions of the Revenue Agreement, the Bonds and of the
other instruments and proceedings relating to the Bands and their
issuance and sale. If the events set forth herein do not take
place within the time set forth above, or any extension thereof,
and the Bonds are not sold within such time, this Resolution
shall expire and be of no further effect, unless extended by the
City Council.
2.6. The adoption of this Resolution does not
constitute a guaranty or a firm commitment that the City will
issue the Bonds or authorize the Tax Increment Interest Reduction
Program as requested by the Company. The City retains the right
in its sole discretion to withdraw from participation and
accordingly not to issue the Bonds, or issue the Bonds in an
amount less than the amount referred to in Section 1.02 hereof,
should the City at any time prior to issuance thereof determine
that it is in the best interests of the City not to issue the
Bonds, or to issue the Bonds in an amount less than the amount
referred to in Section 1.02 hereof, or should the parties to the
transaction be unable to reach agreement as to the terms and
conditions of any of the documents required for the transaction.
Passed and adopted by the City Council of the City of
Plymouth, Minnesota this 16th day of October , 1989.
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The motion for the adoption of the foregoing
resolution was duly seconded by Councilmember 7itur , and ,
upon vote being taken thereon, the following voted in favor
thereof:
and the following voted against the same:
w'lereupon the resolution was declared duly passed and adopted.
Mayor
ATTEST:
OR
ity Clerk
EXHIBIT A
TO
RESOLUTION RELATING TO THE ISSUANCE OF
REVENUE BONDS PURSUANT TO CHAPTER 462C,
MINNESOTA STATUTES, FOR THE PURPOSE OF
FINANCING A MULTIFAMILY HOUSING
DEVELOPMENT FOR THE ELDERLY AND OTHER
PERSONS OR FAMILIES; GIVING PRELIMINARY
APPROVAL TO THE DEVELOPMENT AND CALLING
FOR THE ISSUANCE OF SUCH REVENUE BONDS
(PLYMOUTH LANDING PROJECT)
CITY OF PLYMOUTH ,
PROGRAM FOR THE CONSTRUCTION OF A
MULTIFAMILY HOUSING DEVELOPMENT
(Plymouth Landing Project)
Pursuant to Minnesota Statutes, Chapter 462C (the
"Act"), the City of Plymouth, Minnesota (the "City") has been
authorized to develop and administer programs of multifamily
housing developments under the circumstances and within the,
limitations set forth in the Act. Minnesota Statutes,
Section 462C.07 provides that such programs for multifamily
housing developments may be financed by revenue bonds issued by
the City.
The City has received a proposal from Boisclair
Corporation on behalf of itself and a partnership to be formed
with the tentative name of Plymouth Landing Partneri
(collectively, the "Company") that, pursuant to the authority
found in the Act, the City approve a program (the "Program") for
the financing of the acquisition, construction and equipping by
the Company of multifamily rental facilities on two tracts of
land located in the City of Plymouth, the development to consist
of (a) approximately one hundred fifty (150) units on the
Downtown Site (located at 37th Avenue and Plymouth Blvd.) and (b)
not to exceed three hundred twenty (320) units on the Fernbrook
Site (located on the East side of the proposed intersection of
45th and Fernbrook Lane) (collectively, the "Project") for rental
primarily to elderly persons and others together with common
recreation and support facilities. It is presently estimated
that market rents for the Housing Units will range from $850 for
a two bedroom unit and $930 for a three bedroom unit and
subsidized rents will range from as lora as $366 for a one bedroom
unit to $462 for a two bedroom unit (as further described in
this Program and subject to revision as permitted by federal and
State laws). The apartments will be rented to members of the
general public, without regard to race, religion, creed or
national origin. The Company will not give preference to any
particular class or group of persons, other than as provided
herein with respect to elderly persons and Lower Income Tenants
(as hereinafter defined). Accessibility to the handicapped will
be considered in the construction of the Project. The
construction of the Project is to be funded through the issuance
of one or more series of up to $30,300,000 in revenue bonds
issued by the City (the "Bonds"). It is proposed that the Bonds
be sold publicly through an underwriter. The Bonds will be
secured primarily by a revenue agreement with the Company with a
guaranty by the Federal Housing Administration or a financial
institution with a credit rating of "A" or better. Following
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construction of the Project, the Company will own and operate the
Project as multifamily residential rental facilities primarily
for the elderly.
The use of tax-exempt bonds for the Project is
expected to maximize affordable rental units for use by the
elderly and/or low and moderate income families and individuals
as required by law. The Project will also increase the variety
of housing types and costs in the City. In particular, all of
the units at the downtown site are expected to be specifically
reserved for elderly tenants whose incomes are not greater than
sixty percent (60%) of the area median income pursuant to .
Minnesota Statutes 462C.05, Subd. 2. The Project, by providing
alternative housing in which the elderly and/or low and moderate
income families and individuals are housed in the same
development as others of varied economic means will meet the
needs and objectives of the City and the public at the least
expense possible.
The City, in establishing this Program, has
con-:idered the information contained in the Housing Plan,
including particularly (i) the availability and affordability of
private market financing for the construction of multifamily
housing units; (ii) the availability and afford of other
government housing programs; (iii) an analysis of population and
employment trends and projections of future employment needs;
(iv) the recent housing trends and future housing needs of the
City; and (v) an analysis of how the Program will meet the needs
of persons and families residing and expected to reside in the
City.
The City, in adopting the Program, has further
considered (i) the amount, timing and sale of Bonds to finance
the construction of the Housing Units, to fund the appropriate
reserves and to pay the cost of issuance; (ii) the method of
monitoring and implementation of the Program to ensure
compliance with the City's Housing Plan and its objectives;
(iii) the method of administering, servicing and supervising the
Program; (iv) the cost to the City, including future
administrative expenses; (v) the restrictions on the multifamily
development to be financed under the Program; and (vi) other
matters deemed relevant.
The City, in adopting the Program, considered the
potential financial impact of a bond issuance on affected public
agencies. in addition, the City reviewed the method of marketing
the Program. Such review included the examination of the equal
opportunity for participation by: (i) minorities; (ii) house-
holds with incomes at the lower end of the range that can be
served by the Program; (iii) households displaced by public or
private action; (iv) families with children; and (v) access-
ibility to the handicapped.
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The Project will be constructed and financed pursuant .
to Subd. 1 through 4 of Section 462C.05 of the Act (particularly
Subd. 2 thereof) and Section 469.175, Subd. 4.
Subsection A. Definitions
The following terms used in this Program shall have
the following meanings, respectively:
(1) "Act" shall mean Minnesota Statutes, Section
462C.01, 91 Mg., as currently in effect and as the same may from
time to time be amended.
(2) "Adjusted Gross Income" shall mean gross family
income less $750 for each adult (maximum of two) and less $500
for each other dependent in the family as provided by and
cr.nr;istent with Section 462C.02, Subd. 7.
(3) "Bonds" shall mean the revenue bonds to be
issued by the City to finance the Program.
(4) "City" shall mean the City of Plymouth, County
of Hennepin, State of Minnesota.
(5) "Company" shall mean Boisclair Corporation
and/or a company to be formed with the tentative name of Plymouth
Landing Partners for the purpose of owning the Project. .
(6) "Downtown Site" shall mean the proFgrty
described on Exhibit 1.
(7) "Fernbrook Site" shall mean the property
described on Exhibit 2.
(8) "Housing Plan" shall mean the City of Plymouth
462C Housing Plan most recently amended and approved by the City
Council by a resolution adopted on March 17, 1986, whica plan
sets forth certain information required by the Act.
(9) "Housing Unit" shall mean any one of the
apartment units located in the Project, occupied by vne person or
family, and containing complete living facilities.
(10) "Land" shall mean the two tracts of real
property upon which the Project will be situated described on
attached Exhibits i and 2.
(11) "Lower -Income Tenants" shall mean individuals
who on the date of their initial occupancy of dwelling units in
the Project are individuals of low or moderate income within the
meaning of Section 142(d) of the Internal Revenue Coda of 1986,
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as amended (the "Code"); without limiting the foregoing, the
occupants of a unit shall not be considered to be of low or
moderate income if all the occupants are students (as defined in
Section 151(e)(4) of the Code), no one of whom is entitled to
file a joint return under Section 6013 of the Code.
(12) "Program" shall mean the program for the
financing of the Project pursuant to the Act.
(13) "Project" shall mean the multifamily housing
development consisting of not more than 470 Housing Units to be
constructed by the Company on the Land.
(14) "Qualified Project Period" for the set aside of
20% of the Housing Units pursuant to Section 142(d) of the
Internal Revenue Code of 1986, as amended, shall mean a period
beginning on the later of the first day on which at least
10 percent of the units in the Projects are first occupied and
ending on the date which is the later of (i) the date on which
all Bonds are redeemed or (ii) the date which is 15 years after
the date on which at least 50 percent of the units in the Project
are first occupied, but in no event shall such period be less
than 12 years from the date on which at least 50 percent of the
units in the Project are first occupied.
Subsection B. Program for Financing the Project
It is proposed that the City establish this Project
to construct not in excess of 470 Housing Units to be owned by
the Company, at the price and upon such other terms and condi-
tions as may be agreed upon in writing between the City and the
Company. To do this, the City expects to issue one or more
series of Bonds, the proceeds of which will be loaned to the
Company for construction and initial financing of the Project.
It is expected that a Trustee will be appointed by the City to
monitor the construction of the Project and any payments of
principal and interest on the Bonds.
It is contemplated that the Bonds shall contain a
maturity of not more than forty (40) years and will be priced to
the market at the time of issuance. It is anticipated that the
Bonds will be issued in one or more series, the first of which to
be sold on or about January, 1980 and the last of which to be
sold no later than December 31, 1992.
The City will hire no additional staff for the
administration of the Program. The City intends to select and
contract with a trustee experienced in trust matters to
administrate the Bonds.
Insofar as the City will be contracting with under-
writers, the trustee, and others, all of whom will be reimbursed
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from bond proceeds and revenues generated by the Program, no
administrative costs will be paid from the City's budget with ,
respect to this Program. The Bonds will not be general obliga-
tion bonds of the City, but are expected to be paid from
properties pledged to the payment thereof, and out of net
revenues of the Project or otherwise by the Company.
Subsection C. local Contributions to the Proaram
The Company has requested the City to fund an
interest write down program with tax increments from the Project
pursuant to §469.012, Subdivisions 7, 8 and 9, Minnesota
Statutes. It is not presently contemplated that any additional
financing or contributions will be needed for the completion of
the Project, or for the operation of the Program.
Subsection D. Standards and Re_guirements Relating t3
the Financing of the Project Pursuant to the Program
The following standards and requirements shall apply
with respect to the operation of the Project by the Company
pursuant to this Program:
(1) Substantially all of the proceeds of the sale of
the Bonds will be used to provide funds for the construction of
the Project, which will provide not to exceed 470 Housing Units.
The funds will be made available to the Company pursuant to the
terms of the Bond offering, which may include -certain covenants '
to be entered into between the City and the Company.
(2) The Company will not arbitrarily reject an
application from a proposed tenant because of race, color, creed,
religion, national origin, sex, marital status or status with
regard to public assistance or disability. The Housing Units are
intended to be rented primarily to elderly persons and Lower -
Income Tenants.
(3) No Housing Unit may be in violation of
applicable zoning ordinances or other applicable land use
regulations, including any urban renewal plan or development
district plan, and including the state building code as set forth
under Minnesota Statutes, Section 16.83, at sea.
(4) At all times during the Qualified Project Period
the Company will allocate (without designation) at least twenty
percent (20%) of the dwelling units in the Project for occupancy
by Lower -Income Tenants. With respect to the Downtown Site all
of the tenants are expected to have incomes not greater than
sixty percent (60%) of the median income pursuant to Minnesota
Statutes 462.05, Subd. 2.
=�Zc
(5) The Company has proposed a plan pursuant to
Section 469.012, Minnesota Statutes, by which it will use its
best efforts to see that approximately 20 percent of the Housing
Units will be made available to individuals or families whose
anticipated annual income is not more than 80 percent of the
median income (adjusted for family size) of the metropolitan
area (approximately $34,800), and 55 percent of the Housing
Units are targeted to be set aside for rental to individuals or
families with an annual adjusted gross income which is equal to
or less than 66 time 120 percent of the monthly fair market rent
for the unit established by the United States Department of
Housing and Urban Development. "Median family income" means the
median family income established by the United States Department
of Housing and Urban Development for the standard metropolitan
statistical area, as the case may be. The adjusted gross income
for purposes of the preceding sentence may be irdjusted for family
size.
(6) The Company has retained Health One Corporation
as a consultant on the Downtown Site and anticipates that the
Downtown Site portion of the Project will be managed initially by
the Senior Housing Management Services of Health One
Corporation.
Subsection E. Evidence of Complia
The City may require from the Company or such other
persons deemed necessary, at or before the issuance of the Bonds,
evidence satisfactory to the City of the ability and intention of
the Company to complete the Project, and evidence satisfactory to
the City of compliance with the standards and requirements for
the making of the financing established by the City, as set forth
herein; and in connection therewith, the City or its
representatives may inspect the relevant books and records of the
Company in order to confirm such ability, intention and
compliance. In addition, the City may periodically require
certification from either the Company or such other persons
deemed necessary, concerning compliance with various aspects of
this Program.
Subsection F. Issuance of Bonds
To finance the Program authorized by this Section,
the City may by resolution authorize, issue and sell one or more
series of its Revenue Bonds in an aggregate principal amount
estimated not to exceed $30,300,000 in one or more series. The
Bonds shall be issued pursuant to Section 462C.07, Subd. 1 of the
Act, and shall be payable primarily from the revenues of the
Program authorized by this Section.
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Subsection G. Severability •
The provisions of this Program are severable and if
any of its provisions, sentences, clauses or paragraphs shall be
held unconstitutional, contrary to statute, exceeding the
authority of the City or otherwise illegal or inoperative by any
court of competent jurisdiction, the decision of such court shall
not affect or impair any of the remaining provisions.
Subsection H. Amendment
The City shall not amend this Program while Bonds
authorized hereby are outstanding to the detriment of the holders
of such Bonds.
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EXHIBIT B
NOTICE OF PUBLIC HEARING
$30,300,000
CITY OF PLYMOUTH, MINNESOTA
HOUSING REVENUE BONDS
(Plymouth Landing Project)
NOTICE IS HEREBY GIVEN that the City Council of the
City of Plymouth will meet at City Hall, 3400 Plymouth Boulevard,
Plymiuth, Minnesota on Tuesday, the _th day of , 1989,
at o'clock p.m., to conduct a public hearing on a
proposed program for the acquisition and construction of a
Multifamily Housing Development for the elderly and other persons
and families (the Program) to be financed by the issuance of
revenue bonds or notes of the City in one or more series pursuant
to Minnesota Statutes Chapter 462C (the Minnesota Municipal
Housing Programs Act) in an aggregate principal amount not to
exceed $30,300,000.
The Program describes a development, to be owned by
Boisclair Corporation or a partnership to be formed which has
tentatively been named Plymouth Landing Partners (collectively,
the "Company"), which will consist generally of not to exceed 470
apartment units together with common recreational and support
facilities to be constructed on two tracts of land located in the
City of Plymouth, a development consisting of -(a) approximately
one hundred fifty (150) units on a site in downtown Plymouth
located at 37th Avenue and Plymouth and (b) not to exceed three
hundred twenty (320) units on a site located on the East side of
the proposed intersection of 45th and Fernbrook Lane
(collectively, the "Project"). (The street addresses of such
sites are not yet established.) The Bonds or other obligations
issued to finance the development will be payable solely from the
revenues pledged to the payment thereof or other security or
collateral furnished by or through the Company and in no event
shall the bonds constitute a debt of the City. The Program
describes the need for the development and the method of
financing proposed and states that the development is to be
constructed pursuant to Section 462C.05, Subd. 4, of the
Minnesota Municipal Housing Programs Act.
Copies of the City's Housing Plan and the Program are
on file and available for inspection in the office of the Finance
Director at City Hall, 3400 Plymouth Boulevard, Plymouth,
Minnesota, during regular business hours (8:00 a.m. to
4:30 p.m.).
All persons desiring to appear at the public hearing
will be afforded an opportunity to express their views with
respect to the proposal to undertake and finance the Program. At
such public hearing, or at any adjournment or continuance
thereof, the City Council will consider and, if appropriate, will
adopt a resolution determining to proceed with the proposal to
undertake the Program. All persons interested may file written ,
comments with the City Clerk prior to the date of the hearing
set forth above.
Dated at Plymouth, Minnesota, this day of
1989.
BY ORDER OF THE CITY COUNCIL
By:
Its Clerk
EXHIBIT 1
Real Property - Downtown Site
Outlot A of Plymouth Hills 4th Addition, City of Plymouth,
Hennepin County, Minnesota. (PIN 16-118-22-34-0012)
EXHIBIT 2
Real Property - Fernbrook Site
The Northeast Quarter of the Northwest Quarter of the Northwest
Quarter of Section 15, Township 118, Range 22, Hennepin County,
Minnesota together with the southerly 40.0 feet of the South Half
of the Southwest Quarter of the Southwest Quarter, Section 10,
Township 118, Range 22, Hennepin County, Minnesota;
Approximately 9.88 Acres of land gross area, 9.28 Acres net to
Fernbrook Lane easement; legally described as: The North 660'
of the NW One -Quarter of the NW One -Quarter of the NW One -Quarter
of Section 15, Township 118, Range 22, Hennepin County, Minnesota
subject to an easement for street and utility purposes over and
across the West 40.00 feet thereof; and
That part of the West One -Half of the Northwest One -Quarter of
the Northwest One -Quarter lying South of the North 660 feet
thereof, Section 15, Township 118, Range 22 (PIN 15-118-22-22-
0006) and that part of the West One -Half of the Southeast One -
Quarter of the Northwest One -Quarter of the Northwest One -Quarter
lying North of the South 336 feet, Section 15, Township 118,
Range 22 (PIN 15-118-22-22-0002).