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r� assist the City n achieving those objecti i ves , 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) company is currently engaged in the business of electrical contracting and electronic data processing. The Project to be financed by the Note is an off ice /warehouse facility to be located in the city and leased to various tenants and consists of the construction of buildings and improvements thereon and the installation of equipment therein, 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 Company that conventional., conunercial financing to pay the capital cost of the Profect 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 that with the aid of municipal financing, and its resulting low borrowing cost, the Project is economi.cal.l. y more feasible; (g) Pursuant to a resolution of the city Council adopted on , 19 . a public hearing on the Project was held on , lg , after notice was published, and materials made available for public .inspection at # all as reau i t ed by Minnesota Statutes., Section 474,01, those appearing Subdivision 7b at which public hearing all who so desired to speak were heard; (h) o 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 P ro j ect NOWp THEREFORE, BE IT RESOLVED by the city Council of the City of Roseville, Minnesota, as follows* I. The Council hereby gives preliminary approval to the proposal--of Company that the City undertake the Project pursuant to the Minnesota Municipal. Industrial. Development Act (Chapter 47 4, Minnesota Statutes) #, consisting of the acgui- s it.ion, construction and equipping of facilities within the City pursuant to Cortipan' s specifications suitable for the operations described above and to a revenue agreement between Uie City and Company upon such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the {