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<br />(c) The City desires to: facilitate <br />the development of rental housing within the <br />community; encourage the development of <br />affordable housing opportunities for <br />residents of the City; encourage the <br />development of housing facilities designed <br />for occupancy by persons of low or moderate <br />income and elderly persons; and encourage the <br />development of blighted or underutilized land <br />and structures within the boundaries of the <br />City; and the Project will assist the City in <br />achieving these objectives; <br /> <br />(d) The Developer is engaged in the <br />business of providing rental housing. The <br />Project to be financed by the Bonds will <br />consist of the construction and equipping of <br />one or more buildings containing 200 new <br />rental units and 42 renovated rental units, <br />consisting of one bedroom apartments, one <br />bedroom plus den, two bedrooms and two <br />bedroom plus den; <br /> <br />(e) The Developer will renovate an <br />existing building containing 42 units and <br />remove present parking garages; <br /> <br />(f) The Project will be located at 2545 <br />Hamline Avenue in the City; <br /> <br />(g) The City has been advised by the <br />Developer that conventional, commercial <br />financing to pay the capital costs of the <br />Project is available only on a limited basis <br />and at such high costs of borrowing that the <br />economic feasibility of operating the Project <br />would be significantly reduced, but the <br />Developer has also advised the City that with <br />the aid of municipal financing, and resulting <br />low borrowing costs, the Project is <br />economically more feasible; <br /> <br />(h) A public hearing on the Project and <br />the housing program was held on August 26, <br />1985.by the Roseville City Council, after <br />notice was published, all as required by <br />