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" assist the City in achieving those objectives. The Project will help to increase assessed valuation of the City and help maintain a posi,tive relationship between assessed valuation and debt and enhance the image and reputation of the corrununitYi (e) The Project to be financed by the Revenue Bonds is an addition to and the improvement of an existing manufacturing facility to be located at 2485 North Fairview Avenue in the City of Roseville, Minnesota to be initially owned by the Borrower and opera'ted by and leased to Healy-Ruff Company and consists of the acquisition of land and the construction of an addition to an existing manufacturing facility and the improvement of portions of the existing facility and the installation of equipment therein and will result in the employment of additional persons to work within the new facilitiesi (f) The City has been advised by Borrower U1at conventional, co~~ercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, but Borrower has also advised this Council that with the aid of ml'~licipal financing I and its resulting low borrowing cost, the Project is economically more feasible; (g) Pursuant to a resolution of the City Council adopted on December 19, 1983, a public hearing on the Project was held on January 23, 1984, after notice was published, and materials made available for public inspection at the City Hall, all as required by Minnesota Statutes, Section 474.01, Subdivision 7b at which public hearing all those appearing who so desired to speak were heardj (h) No public official of the City has either a direct or indirec't financial interest in the Project nor will any public official either directly or indirectly benefi,t financially from the Project. NO\'V', THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota, as follows: 1. The Council hereby gives preliminary approval to the proposal of Company that the City undertake the Project pursuant to the Minnesota Municipal Industrial Development Act (Chapter 474, Minnesota Statutes), consisting of the acqui- sition, construction and equipping of facilities within the City pursuant to Borrower's specifications suitable for the operations described above to be initially owned and operated