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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, November 13, 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 in an additional amount of <br />$1,500,000 over the $4,000,000 amount previously approved. <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 10,800 square <br />feet each; five will be single story and contain <br />approximately 5,400 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 Avenue <br />in the City of Falcon Heights. The financing will <br />be provided to purchasers of the condominium <br />• units, and will not be provided to the Company for <br />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 $5,500,000, $4,000,000 of which has been previously <br />approved. The project will be initially owned and operated by <br />the Company, and thereafter by entities which purchase portions <br />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 />