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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. - 1 - 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" =t= 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. - 3 - 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, - 4 - . 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. - 5 - 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 - i - 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. - 2 - 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, - 3 - 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 - 4 - 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. - 6 - 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. - 7 - 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).