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(d) The City desires to facilitate the selec- <br />tive development of the community, retain and improve the tax <br />base and help to provide the range of services and employment <br />opportunities required by the population; and the Project will <br />assist the City in achieving those objectives. The Project <br />will help to increase assessed valuation of the City and help <br />maintain a positive relationship between assessed valuation and <br />debt and enhance the image and reputation of the community; <br />(e) The three facilities constituting the <br />Project to be financed by the Revenue Bonds will include <br />acquisition of land located east of Yorkton Industrial Court <br />(Phase I), south of South Owasso Boulevard and west of Condit <br />Street in Little Canada and construction and equipping thereon <br />of an office /warehouse facility. Project 1 will be an <br />approximately 85,000 square foot facility owned by RLF of <br />Minnesota, a Minnesota partnership and will require issuance of <br />bonds in the amount of $2,030,000. Project 2 will be of the <br />same size and amount and will be owned by a Minnesota <br />partnership to be formed by 0. Larry Lee. Project 3 will be an <br />approximately 22,860 square foot facility owned by a Minnesota <br />partnership to be formed by Mr. Lee and will require issuance <br />of bonds in the amount of $700,000. The projects will be <br />leased to various tenants. Each of the Projects will be <br />initially owned and operated by the Company, and will result in <br />the employment of additional persons to work within the new <br />facilities; <br />(f) The City has been advised by representa- <br />tives of Company that conventional, commercial financing to pay <br />the capital cost of the Project is available only on a limited <br />basis and at such high costs of borrowing that the economic <br />feasibility of operating the Project would be significantly <br />reduced, but Company has also advised this Council that the <br />Project would not be undertaken but for the availability of <br />industrial bond financing; <br />(g) A public hearing on the <br />October 9, 1985, after notice was published, <br />available for public inspection at the City <br />required by Minnesota Statutes, Section 474. <br />at which public hearing all those appearing <br />speak or submit written comments were heard; <br />2 <br />.I. <br />Project was held on <br />and materials made <br />Hall, all as <br />01, Subdivision 7b <br />who so desired to <br />