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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 positive relationship between assessed valuation and debt and enhance the image and reputation of the community; (e) The Company is currently engaged in the business of providing health care. The Project to be financed by the Revenue Bonds is an approximately 14,543 square foot office and day care center facility to be located on the west side of Snelling Avenue one-half mile north of Rosedale Shopping Center next to Midway Ford in Roseville, Minnesota and leased to various parties and consists of the acquisition of land and the construction of buildings and improvements thereon portions of which will be used as a physician's clinic, pharmacy, Health Resources Center and day care to be initially owned and operated by the Company, and will result in the em- ployment of additional persons to work within the new facilities; (f) The City has been advised by representa- tives of Company that conventional, commercial 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 Company has also advised this Council tl1at 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 September 10, 1984, a public hearing on the Project was held on October 8, 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 7bat which 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 financially from the Project. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, runnesota, as follows: 1. The Council hereby gives preliminary approval to the proposal of Company that the City undertake the Project pursuant to the Hinnesota Municipal Industrial Development Act (Chapter 474, Ninnesota Statutes), consisting of the acqui- sition and construction of an approximately 14,543 square foot