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for occupancy by persons of low or moderate income; and encourage the development of blighted or underutilized land and structures within the boundaries of the City; and the Project will assist the City in achieving these objectives; (d) The Developer is engaged in the business of providing rental housing. The Project to be financed by the Bonds is the construction and equipping of one building containing approximately 30 rental units and anticipated to consist of 10 one-bedroom units and 20 two-bedroom units, located in the northwest section of the intersection of Highway 36 and Rice Street in the City, which will result in the provision of additional rental housing opportunities to persons within the community; (e) The City has been advised by the Developer that conventional, commercial financing to pay the capital costs 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 the Developer has also advised the City that with the aid of municipal financing, and resulting low borrowing costs, the project is economically more feasible; (f) A public hearing on the Project and the housing program was held on September 23, 1985 by the Roseville City Council, after notice was published, all as required by Minnesota statutes, Section 462C.05, subd. 5, at which pUblic hearing all those appearin~ at said hearing who desired to speak were heard; (g) 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;