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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 Company is currently engaged in the <br />business of real estate development, management and leasing. <br />The Project to be financed by the Revenue Bonds is a 30,000 to <br />40,000 square foot multi- tenant retail facility to be located <br />in the City and leased to MGM Liquor Warehouse, Inc. and other <br />lessees yet to be determined and consists of the acquisition of <br />land and the construction of buildings and improvements thereon <br />and the installation of equipment therein, and will result in <br />the employment of 45 -60 additional persons to work within the <br />new 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 with <br />the aid of municipal financing, and its resulting low bor- <br />rowing cost, the Project is economically more feasible; <br />(g) Pursuant to a resolution of the City <br />Council adopted on January 27, 1982, a public hearing on the <br />Project was held on February 24, 1982, after notice was <br />published, and materials made available for public inspection <br />at the office of the Little Canada City Clerk, all as required <br />by Minnesota Statutes, Section 474.01, Subdivision 7b at which <br />public hearing all those appearing who so desired to speak were <br />heard; <br />(h) No public official of the City has either a <br />direct or indirect financial interest in the Project nor will <br />any public official either directly or indirectly benefit <br />financially from the Project. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Little Canada, Minnesota, as follows: <br />