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-2- be financed by the Revenue Bonds is the acquisition of land and the construction . thereon of 40,000 square feet of retail/office space to be located at the northeast corner of Snelling and Larpenteur. (f) The City has been advised by representatives of 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 significantly reduced, but Company has also advised this Council that with the aid of municipal financing, and its resulting low borrowing cost, the Project is economically more feasible; (g) Pursuant to a resolution of the City Council adopted on November 30, 1983, a public hearing on the Project was held on December 28, 1983, 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 7b 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 acquisition of • land and the construction thereon of an approximately 40,000 square feet of retail/ office space to be located at the northeast corner of Snelling and Larpenteur, 2. On the basis of information .available to this council it appears, and the Council hereby finds, that the Project constitutes properties, real and personal, used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision l of Section 474.02 of the Ac.t; that the Project furthers the purposes stated in Section 474.01, Minnesota Statutes; that the availability of the financing under the Ac.t and willingness of the City to furnish such financing will be a substantial inducement to Company to undertake the Project, and that the effect of the Project, if undertaken., will be to encourage the development of economically sound industry and commerce, to assist in the prevention of the emergence of blighted and marginal land, to help prevent chronic unemployment, to help the City retain. and improve the tax base and to provide the range of service and employment opportunities required by the population, to help prevent the movement of talented and education persons out of the state and to areas within the State where their services may not be as effictively used, to promote more intensive development and use of land within and adjacent to the City and eventually to increase the tax base of the community; 3. The Project is hereby given preliminary approval by the City subject to the approval of the Project by the Minnesota Energy and Economic. Development Authority or such other state officer having authority to grant approval (the "Authority"), and subject to final approval by this Council and the Company, as to the ultimate details of the financing of the Project; • 4. In accordance with Subdivision 7a of Section 474.01 Minnesota Statutes, the Mayor of the City is hereby authorized and directed to submit the proposal for the Project to the Authority requesting its approval, and other officers, employees and agents of the City are hereby authorized to provide the Authority with such preliminary information as it may require;