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addition to the number of people presently employed by the <br />prospective tenants, which would provide increased employment <br />opportunity for residents of the City and the surrounding area. <br /> <br /> 4. The Borrower estimates that, based upon discussions <br />with prospective tenants, the construction of the Project will <br />result in an additional annual payroll in excess of $250,000 from <br />tenancies, based on wage rates currently in effect. The Council <br />believes that a substantial percentage of that additional payroll <br />will be spent on housing, food and other goods and services in <br />the City and surrounding area, thus benefiting the local economy. <br /> <br /> 5. The City will provide the Minnesota Department of <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 Borrower. <br /> <br /> 6. The Project does not include any property to be sold, <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 <br />permanent residence. <br /> <br /> 7. A public hearing on the proposal to undertake and <br />finance the Project was conducted pursuant to Minnesota Statutes, <br />Section 474.01, Subdivision 7b, on October 28, 1980, at 7:30 <br />o'clock P.M., Ramsey Municipal Center, 15153 Nowthen Boulevard, <br />at which public hearing all interested parties were afforded an <br />opportunity to express their views. <br /> <br /> <br />