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4. The Borrower estimates that, based upon discussions with <br /> prospective tenants, the acquisition and construction of the <br /> Project will result in an additional annual payroll in excess of <br /> $450, 000 from tenancies, based on wage rates currently in effect. <br /> The City Council believes that a substantial percentage of that <br /> additional payroll will be spent on housing, food and other goods <br /> and services in the City and surrounding area, thus benefiting the <br /> local economy. <br /> 5. The City will provide the Minnesota Department of <br /> I <br /> Economic Development with the information required by Minnesota <br /> Statutes, Section 474. 01, Subdivision 8, upon entering into a , <br /> revenue agreement, as defined in the Act, with the Company. <br /> I <br /> 6 . The Project does not include any property to be sold or <br /> affixed to or consumed in the production of property for sale and <br /> does not include any housing facility to be rented or used as a j <br /> I <br /> permanent residence . <br /> 7. A public hearing on the proposal to and=rtake and finance <br /> the Project was conducted pursuant to Minnesota Statutes, Section <br /> i <br /> 474 . 01, Subdivision 7b, on October 28, 1980, at 7: 30 o' clock P.M. , <br /> in the Council Chambers in the St. Anthony City Hall, at which <br /> public hearing all interested parties were afforded an opportunity <br /> to express their views. <br /> �� , Mayor Octoberl , 1980. <br />