06-10-1981 Council Agenda - Laserfiche WebLink

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assist the City in achieving those objectives. The Project will help to increase assessed valuation of the City and surrounding area and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the community; (e) Company is currently engaged in the business of excavating and grading. The Project to be partially financed by the Revenue Bonds is an office and maintenance facility to be located in the City and leased to F. M. Frattalone Excavating and Grading, Inc. and consists of the construction of buildings and improvements on land located in the City and the installation of equipment therein, and will result in the employment of additional persons to work within the new facilities; (f) The City has been advised by representa- tives 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 bor- rowing cost, the Project is economically more feasible; (g) Pursuant to a resolution of the City Council adopted on May 13, 1981, a public hearing on the Project was held on June 10, 1981, after notice was published, and materials made available for public inspection at the City FIall, 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 Little Canada, Minnesota, as follows: <3