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the installation of equipment therein, and will result in the Aft employment of up to 15 additional persons to work within the new facilities; ( f) The City has been advised by representatives of the 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 the Company has also advised this Council that with the aid of municipal financing , and its resulting low borrowing cost, the Project is economically more feasible; (g) The City, pursuant to Minnesota Statutes , Section 474 .01, Subdivision 7b did place a notice, a copy of which with proof of publication is on file in the office of the Administrator-Clerk , of the public hearing on the proposal of the Company that the City finance the Project hereinbefore described by the issuance of its Revenue Bonds, said hearing to be held to determine whether it is in the best interest of the City to proceed with the Project and the City did conduct a public hearing pursuant to said notice on October 30 , 1981, at 7: 30 p.m. , at which hearing all persons who appeared at the hearing were .given an opportunity to express their views with respect to the proposal; ( 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 Elk River , Minnesota , as follows : 1. The Council hereby gives preliminary approval , without any indication upon which the Company may rely that final approval will be given, to the proposal of the Company that the City undertake the Project pursuant to the Minnesota Municipal Industrial Development Act (Chapter 474 , Minnesota Statutes) , consisting of the acquisition, construction and equipping of facilities within the City pursuant to the Company' s specifications suitable for the operations described above as and if approved by the City and to a revenue agreement between the City and the Company upon such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due , the principal of and interest on the Revenue Bonds in the total principal amount of approximately $400 ,000 to be issued pursuant to the Act to finance the acquisition, construction and equpping of the Project; and said agreement may also provide for the entire interest of the Company therein to be mortgaged to the purchaser of the Revenue Bonds ; and the City hereby undertakes preliminarily to issue its Revenue Bonds in accordance with such terms and conditions as are approved by the City; 410 2. On the basis of information presented to this Council by the Company it appears that the Project constitutes properties , real and personal , used or useful in connection with one or more revenue- 2.