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improvements thereon and the installation of equipment therein, <br />all to be constructed pursuant to the Company's specifications <br />• and to be initially owned and operated by the Company (the <br />"Project"), and will result in the employment of additional <br />persons to work within the new facilities; and the financing <br />will be provided to the purchasers of condominium units in the <br />Project, and will not be provided to the Company for the <br />construction of the Project; <br />(e) The City has been advised by representa- <br />tives of the Company that conventional, commercial financing to <br />pay the capital cost of the Project is available only on a <br />limited basis and at such high costs of borrowing that the <br />economic feasibility of operating the Project would be signi- <br />ficantly reduced, and the Company has also advised this Council <br />that the Project would not be undertaken but for the <br />availability of industrial development bond financing; <br />(f) Pursuant to a resolution of the City <br />Council adopted on August 14, 198, a public hearing on the <br />Project was held on September 11, 1985, after notice-was <br />published and materials made available for public inspection at <br />the City Hall, all as required by Minnesota Statutes, Section <br />474.01, Subdivision 7b, at which public hearing all those <br />appearing who desired to speak were heard and written comments <br />were accepted; and <br />• (g) No public official of the City has either a <br />direct or indirect financial interest in the Project nor will <br />any public official either directly or indirectly benefit <br />financially from the Project: <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Falcon Heights, Minnesota, as follows: <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 <br />confirmed in full. <br />2. The Council hereby again gives preliminary approval to <br />the proposal of the Company that the City undertake the Project <br />pursuant to the Act and pursuant to a revenue agreement between <br />the City and Company containing such terms and conditions (with <br />provisions for revision from time to time as necessary) as may <br />• <br />