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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 eru1ance the image and reputation of the community; (e) Company is cu~~ently engaged in the business of electrical contracting and electronic data processing. The Project to be financed by the Note is an Office/warehouse facility to be located in the City and leased to various tenants and consists of the construction of buildings and iluprove~ents thereon and the installation of equipwent 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, co~~ercial 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 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 economically more feasible; (g) Pursuant to a resolution of the City Council adopted on April 26 , 1982, a public hearing on the Project was held on May 24 , 1982, after notice was published, and materials made available for public inspection at Rosevill e City Hall all as required by r-1innesota Statutes, Section 474.01, Subdivision 7b at which public hearing all those appearing who so desired to speak were heard; (h) No public official of the City has either a direct or indirect financial interest in ~1e Project nor will any public official either directly or indirectly b8nefit financially from the Project. NON, 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 Company that the City undertake the Project pursuant to the r.tinnesota Municipal Industrial Development Act (Chapter 474, Minnesota Statutes), consisting of the acqui- sition, construction and equipping of facilities within the Ci ty pursuant to COlllpany I s specifications sui table for the operations described above and to a revenue agreement between the 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