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/, : assist the City in achieving those ob�ectives. The Pro]ect will help to increase assessed valuation of the City and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the community; �� (e) The Borrower is currently engaged in the practice of veterinary-medicine. The Project to be financed by the Revenue Bonds is a multipurpase veterninary care facility to be located 1261 Wes� County Road F in Arden Hil:�,s, Minnesota and consists of the acquisition af land and the construction o£ ` buildings and improvements thereon and the installation of equipment therein to be initially owned and operated by the Borrower or a corporation to be established by Borrower, and will result in the employment of �additional persons to work within the new facilities; (f) The City has been advised by representa- tives of Borrower that conventional, commeraial financing to - pay the cagital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic teasibility of operating the Project would be signi- ficantly-reduced, but Borrower has also advised this Council that with the aid of municipal financing, and its resulting low . borrowing cost, the Project is economically more feasible; . (g) Pursuant to a resolution of the City Council adopted on October 15, 1984, a public hearing on the, : Project was held on November 8, 1984, after notice was published, and materials made availabl8 for public inspection at the City Hall, all as required by Minnesota Statutes, Section 474.01, Subdivision 7b at v�hich public hearing all : those appearing who so desired to speak were heard; (h) No public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit . finahcially from the Project. N�W, THEREFORE, BE IT RESOLVED by the City Council of the �City of Arden Hills, Minnesota, as follows: 1. The Council hereby gives preliminary approval to the proposal of Borrower that the City undertake the Project : pursuant to the Minnesota Municipal Industrial Development Act (Chapter 474, Minnesota Statutes), consisting of the aequi- : sition, construction and equipping of facilities within the City pursuant to Borrower's specifications suitable for the _� i, _ :