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<br />assist th~ City in achi~ving th0S~ objectives. The Project <br />will help to increase assessed valuation of the City and help <br />maintain a positive r~lationship between assessed valuation and <br />d~bt and enhance the ir.1.:l'Je and reputation of the community; <br /> <br />(e) The Company is currently engaged in the <br />business of ownership and development of re.Jl estate. The <br />Pc-oject to be finance,l by the Revenue Bonds is .3.n al?prox:imately <br />53,000 square foot co~nercial office building to be located at <br />the southwest coc-ner of the intec-section of Prior Avenue and <br />Oakcrest Avenue in Roseville and le~sed to various parties and <br />consists of the construction of buildings and improvements <br />thereon and the installation of equipment therein to be <br />initially owned and operated by the Company, and will result in <br />the employment of additional persons to work within the new <br />facilities; <br /> <br />(f) The City has been advised by representa- <br />tives of Company that conventional, commercial financing to pay <br />the capital cost of the Project is available only on a limited <br />basis and at such high costs of borrowing that the economic <br />feasibility of operating the Project would be significantly <br />reduced, but Company has also advised this Council that with <br />the aid of municipal financing, and its resulting low borrowing <br />cost, the Project is economically more feasible; <br /> <br />(g) Pursuant to a resolution of the City <br />council adopted on November 26, 1984, a puhlic hearing on the <br />Project was held on December 17, 1984, after notice was <br />published, and materials made available for public inspection <br />at the City Hall, all as required by Minnesota Statutes, <br />Section 474.01, Subdivision 7b at which public hearing all <br />those appearing who so desired to speak were heard; <br /> <br />(h) No public official of the City has either a <br />direct or indirect financial interest in the Project nor will <br />any public official either directly or indirectly benefit <br />financially from the Project. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Roseville, Minnesota, as follows: <br /> <br />1. The Council hereby gives preliminary approval to the <br />proposal of Company that the City undertake the project <br />pursuant to the Minnesota Municipal Industrial Development Act <br />(Chapter 474, Minnesota Statutes), consisting of the acqui- <br />sition, construction and equipping of an approximately 53,000 <br />square foot commercial office building to be located at the <br />