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<br />southwest quadrant of the intersection of Snelling <br />Avenue North and Lydia Avenue, in the City of <br />Roseville, and consists of the construction and <br />equipping of buildings thereon which will result in the <br />provision of additional rental housing opportunities to <br />persons within the community; <br /> <br />(f) The City has been advised by representatives <br />of the Developer that conventional, commercial <br />financing to pay the capital costs of the Project is <br />available only on a limited basis and at such high <br />costs of borrowing that the economic feasibility of <br />operating the Project would be significantly reduced, <br />but the Developer has also advised the City that with <br />the aid of municipal financing, and resulting low <br />borrowing costs, the Project is economically more <br />feasible; <br /> <br />(g) A public hearing on the Project was held on <br />July 26, 1993 and September 13, 1993, after notice was <br />published and materials made available for public <br />inspection at the City Hall, at which public hearing <br />all those appearing who desired to speak were heard and <br />written comments were accepted; and <br /> <br />(h) No public official of the City has either a <br />direct or indirect financial interest in the Project <br />nor will any public official either directly or <br />indirectly benefit financially from the Project. <br /> <br />NOW THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Roseville, Minnesota, as follows: <br /> <br />1. This Council hereby finds that no information <br />presented at the hearing or since the adoption of the Earlier <br />Preliminary Resolution has caused it to reject the Project or <br />doubt the findings made in the Earlier Preliminary Resolution. <br />The findings in the Earlier Preliminary Resolution, and the <br />preliminary approvals granted therein, are ratified and confirmed <br />in full. <br /> <br />2. The City hereby again gives preliminary approval to <br />the proposal of the Developer that the -City undertake the <br />Project, described above, and the program of financing therefor, <br />pursuant to Minnesota Statutes, Chapter 462C, consisting of the <br />acquisition and construction of mUlti-family rental housing <br />facilities within the City pursuant to the Developer's <br />specifications and to a revenue agreement between the City and <br />the Developer on such terms and conditions with provisions for <br /> <br />247198 <br /> <br />3 <br />