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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 conununity; (e) The Company is currently engaged in the business of providing secretarial and paraprofessional training. The Project to be financed by the Revenue Bonds is a 20,000 square foot office facility and dormitory units to provide housing far up to 160 students, all to be located in Falcon Heights and consists of the acquisition of land and the construction of buildings and improvements thereon and the installation of equilx-ent therein to be initially owned and operated by Bradford Real Estate Corporation, a Pennsylvania corporation partnership and leased to the Company and Minneapolis Business College, and will result in the employment of 35 additional persons to work within the new facilities; (f) The City has been advised by representa- tives of Company that conventional, commercial financing to pay the capital cost of the Project is available only on a 1i.mited basis and at such high costs of borrowing that the economic .feasibility of operating the Project would be significantly reduced, and the Company has also advised. this Council that. but for the aid of municipal financing, and its resulting low bor- rowing cost, it would not proceed with the Project; _-_ (g) A public hearing on the Project was held on October Z0, 1984, after notice was published, .and materials made available for public inspection at the City Hall, all as required by Minnesota Statutes, Section 474.01, Subdivision ?b 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 the Project nor will any public official either directly or indirectly benefit financially from the Project. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Falcon Heights, Minnesota, as follows: 1. The Council hereby gives preliminary approval to the proposal of Company that the City undertake the Project pursuant to the Minnesota Municipal Industrial Development Act (Chapter 474, Minnesota Statutes), consisting of the acqui~ sition, construction and equipping of facilities within the City pursuant to Company's specifications. suitable for the operations described above to be initially owned and operated by .the Company and pursuant to a revenue agreement between the •