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NOTICE OF PUBLIC HEARING <br />ON A PROPOSAL FOR A COMMERCIAL <br />FACILITIES DEVELOPMENT PROJECT <br />Notice is hereby given that the City Council of the <br />City of Falcon. Heights, Minnesota, will meet at the City Hall, <br />2077 West Larpenteur Avenue, in the City of Falcon Heights, <br />Minnesota, at 7:30 p.m. on Wednesday, September 11, 1985, to <br />consider the proposal of Stratford Investments, Ltd., a <br />Minnesota corporation (the "Company"), that the City assist in <br />financing a project hereinafter described by the issuance of <br />industrial development revenue bonds. <br />Description of Project <br />The project is an office condominium consisting of <br />seven buildings. Two buildings will be two <br />stories and contain approximately 10,000 square <br />feet each; five will be single story and contain <br />approximately 5,000 square feet each. Surface <br />parking will be provided. The project will be <br />located at the northwest corner of the <br />intersection of Prior Avenue and Larpenteur <br />Avenue in the City of Falcon Heights. The <br />• financing will be provided to purchasers of the <br />condominium units, and will not be provided to the <br />Company for the construction of the project. <br />The maximum aggregate estimated principal amount of <br />bonds or other obligations to be issued to finance this project <br />is $4,000,000. The project will be initially owned and <br />operated by the Company, and thereafter by entities which <br />purchase portions of the project from the Company. <br />The bonds or other obligations if and when issued <br />will not constitute a charge, lien or encumbrance upon any <br />property of the City except the project, and such bonds or <br />obligations will not be a charge against the City's general <br />credit or taxing powers but will be payable from sums to be <br />paid by the Company or such purchasing entities or both <br />pursuant to a revenue agreement. <br />A draft copy of the proposed application to the <br />Commissioner of Energy and Economic Development,. State of <br />Minnesota, for approval of the project, together with all <br />attachments and exhibits thereto,. is available for public <br />inspection from 8:30 a.m. to 4:30 p.m., Monday through Friday, <br />at the City Hall in Falcon Heights, Minnesota. <br />• <br />