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Mrs. Nielsen expressed concernover size of the project and magnitude of the bond. She also was concerned that so many <br />of her neighbors have adverse concern about the project. <br />Emeott stated opposition to the bond based upon establishmentof developmentprecedent and size of the bond as it relates <br />to the.city's budget. Further concern exists if the school fails and the property reverts to a lender who doesn't care what happens in <br />the city but only wants money for the property. <br />Magnusonpresented the schools financial and :operating:. overview. Discussion followed with a request to have an <br />independent review of the operating statements and. projections. <br />Open. discussion followed. The: site. was identified as a transition zone. providing.. protection.to the residential owners firom <br />comniercial encroachment by the deye lopment.underway. and planned in.Vadnais Heights: <br />On Motion by Birkebak, Second by Nielsen and unanimous vote, the matter was continued until both the site proposal and. <br />further. financial investigation 'can. be performed. <br />There being no further business, the Public Hearing was adjourned at 8:09 pm. <br />AUTHORED: 24 February 1998 <br />APPROVED: 20 April I:998 <br />ATTEST: ATTEST: <br />Frederic C. MalPaul R. Emeott <br />City Clerk Mayor <br />c-file: hearings\1998198-0119802febm2 <br />