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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 enhance the image and reputation of the community; (e) The Company is currently engaged in the business of real estate development and construction; and the Project to be financed by the Revenue Bonds is an approximately 45,000 square foot office condominium project consisting of seven buildings, two of two story construction and of approximately 10,000 square feet each and five of one story construction and of approximately 5,000 square feet each, to be located at the northwest corner of the intersection of Larpenteur Avenue and Prior Avenue in the City, and consists of the acquisition of land and the construction of buildings and improvements thereon and the installation of equipment therein, all to be constructed pursuant to the Company's specifications and to be initially owned and operated by the Company (the "Project"), and will result in the employment of additional persons to wo rk within the new facilities; and the financing will be provided to the purchasers of condominium units in the Project, and will not be provided to the Company for the construction of the Project; (f) The City has been advised by representa- . tives of the Company that conventional, commercial 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 sig ni- ficantly reduced, and the Company has also advised this Council that the Project would not be undertaken but for the availability of industrial development bond financing; (g) Pursuant to a resolution of the City Council adopted on August 14, 1985, a public hearing on the Project will be held on September 11, 1985, after notice has been published and materials made available for public inspection at the City Hall, all as required by Section 474..01, Subdivision 7b, of the Act, at which public hearing all those appearing who desire to speak will be heard and written comments will be accepted; (h) Prior to the holding of said public hearing it is necessary and convenient to apply to the Commissioner of Energy and Economic Development of the State of Minnesota (the "Commissioner") for an allocation of the limited authority available for the. issuance of private activity bonds; and r~ U