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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 moving and storage: and the Project to be financed by the Revenue Bonds is an approximately 235,000 square foot warehouse and office complex to be located at 2950 Long Lake Road and consists of the construction of buildings and improvements thereon and the installation of equipment therein, all to be constructed pursuant to the Company's specifications and to be initially owned and operated by the Company (the "Project"), 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 the 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 signi- ficantly reduced, and the Company has also advised this Council that the Project would not be undertaken but for the availability of industrial development bond financing: (g) Pursuant to a resolution of the City Council adopted on May 13, 1985, a public hearing on the Project was held on June 10, 1985, 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 desired to speak were heard and written comments were accepted: and (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, Minnesota, as follows: 1. The Council hereby gives preliminary approval to the proposal of the Company that the City undertake the Project pursuant to the Act and pursuant to a revenue agreement between the City and Company containing such terms and conditions (with provisions for revision from time to time as necessary), as may be necessary to produce income and revenues sufficient to pay,