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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 Little Canada, Minnesota will meet at the City Hall in <br />the City of Little Canada, Minnesota at 7:30 o'clock p.m. on <br />Nov. 13 , 1985, to consider the proposal of Sherman Rutzick, <br />who intends to form a partnership (the "Company "), that the <br />City assist in financing a project hereinafter described by the <br />issuance of industrial development revenue bonds. <br />Description of Project <br />Acquisition of land and the construction and <br />equipping thereon of two 20,000 square foot <br />buildings for use as commercial /office <br />facilities to be located at the southeast of <br />the intersection of Little Canada Road and <br />Rice Street in Little Canada. <br />The maximum aggregate estimated principal amount of <br />bonds or other obligations to be issued to finance this project <br />is $ 7150,000.00 . The project will be initially owned and <br />operated by 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 pursuant to a revenue agreement. <br />A draft copy of the proposed application to the <br />Energy and Economic Development Authority, State of Minnesota, <br />for approval of the project, together with all attachments and <br />exhibits thereto, is available for public inspection beginning <br />October 29 , 1985, from 8:30 o'clock a.m. to 4:30 o'clock <br />p.m., Monday through Friday, at the City Hall in Little Canada, <br />Minnesota. <br />31 <br />