11-26-1985 Council Agenda - Laserfiche WebLink

Home Browse Search

blighted or underutilized land and structures within the boundaries of the City; and the Project will assist the City in achieving these objectives. (h) The Developer is currently engaged in the business of real estate development. The Project to be financed by the Bonds is the acquisition, construction and equipping of four proximate buildings buildings of approximately 48,000 square foot each, the four buildings making up a multi - family rental housing development containing an aggregate of approximately 192 rental units located at the southeast corner of the intersection of Little Canada Road and Rice Street in the City of Little Canada, and consists of the acquisition of land and the construction of buildings thereon which will result in the provision of additional rental housing opportunities to persons within the community; (i) The City has been advised by the Developer that conventional, commercial financing to pay the capital costs 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 the Developer has also advised the City that with the aid of municipal financing, and resulting low borrowing costs, the Project is economically more feasible; (j) A public hearing on the Project and the financing program therefor was held on November 26, 1985, after notice was published, all as required by Minnesota Statutes, Section 462C.05, subd. 5, at which public hearing all those appearing at said hearing who desired to speak were heard and written comments, if any, were considered; (k) 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; '11•1'w L ••