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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. The Project to be u <br /> financed by the Revenue Bonds is a 62,000 square foot shopping <br /> center facility to be located at the intersection of <br /> Highway 169 and School Street and leased to various entities <br /> and consists of the acquisition of land and the construction of <br /> buildings and improvements thereon and the installation of <br /> equipment therein to be initially owned and operated by the <br /> Company, and will result in the employment of additional <br /> persons to work within the new facilities; <br /> (f) On October 30, 1981 the City held a public <br /> hearing on the proposal that the City assist the Company in <br /> financing a larger version of this Project by issuing <br /> approximately $9,000,000 in industrial revenue bonds; <br /> (g) The size of the Project has been <br /> substantially reduced and a new public hearing on the proposal <br /> that the City assist in the financing of the Project, as <br /> reduced, was held on September 17, 1984; <br /> (h) 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 borrowing <br /> cost, the Project is economically more feasible; <br /> (i) The City, pursuant to Minnesota Statutes, <br /> Section 474.01, Subdivision 7b did place notices, copies of <br /> which with proof of publication are on file in the office of <br /> the City Administrator, of the public hearings on the proposal <br /> of the Company that the City finance the Project hereinbefore <br /> described by the issuance of its Note, said hearings were held <br /> to determine whether it is in the best interest of the City to <br /> proceed with the Project and the City did conduct public <br /> hearings pursuant to said notices on October 30, 1981 at 7:30 <br /> p.m. and on September 17, 1984 at 7:30 p.m. , at which hearings <br /> all persons who appeared at the hearings were given an <br /> opportunity to express their views with respect to the <br /> proposal; <br /> • <br /> • <br />