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55511 <br />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 7:30o'clock p.m. on <br />December 10, 1986, to consider the proposal of a Minnesota <br />general partnership to be formed by 0. Larry Lee and Jan <br />Magnusson, that the City assist in financing a project herein- <br />after described by the issuance of industrial development <br />revenue bonds. <br />Description of Project <br />Acquisition of land located Lot 3, block 1, <br />Yorkton North Phase II, Little Canada and the <br />construction and equipping thereon of an <br />approximately 27,000 square foot <br />office /warehouse facility. <br />The maximum aggregate estimated principal amount of <br />bonds or other obligations to be issued to finance this project <br />is $1,200,000. The project will be leased by Sailboard <br />Warehouse, Inc. <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 />Department of Energy and Economic Development, State of <br />Minnesota, for approval of the project, together with all <br />attachments and exhibits thereto, is available for public <br />inspection beginning November 17, 1986, from 8:30 o'clock a.m. <br />to 4:30 o'clock p.m., Monday through Friday, at the City Hall , <br />in Little Canada, Minnesota. <br />3 <br />