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assist the City in achieving those objectives. Said 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 City; <br /> (e) Company is engaged in the business of land <br /> development. The Project to he financed by the Note is a <br /> shopping center to be located in the City of Elk River and <br /> consists of the acquisition of land and the construction of <br /> buildings and improvements thereon and the installation of <br /> equipment therein, and will result in the employment of <br /> additional persons to work within the 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 , 1979, a public hearing on the <br /> Project was held on December 10 , 1979, after notice was <br /> published, and materials made available for public inspection <br /> • at City Hall , all as required by Minnesota Statutes, <br /> Section 474. 01, Subdivision 7b at which public hearing all <br /> those appearing at said hearing so desired to speak were heard. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br /> City of Elk River, Minnesota, as follows: <br /> 1. The Council hereby gives preliminary approval to the <br /> proposal of Company that the City undertake the Project <br /> pursuant to the Minnesota Municipal Industrial Development Act <br /> (Chapter 474, Minnesota Statutes) , consisting of the acqui- <br /> sition, construction and equipping of facilities within the ' <br /> City pursuant to Company' s specifications suitable for the <br /> operations described above and to a revenue agreement between <br /> the City and Company upon such terms and conditions with <br /> provisions for revision from time to time as necessary, so as <br /> to produce income and revenues sufficient to pay, when due, the <br /> principal of and interest on the proposed Note in the total <br /> principal amount of ''approximately $725,000 to be issued <br /> • <br /> • <br />