Resolution - #81-175 - 10/27/1981

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assist the City in achieving those objectives. The Project will help to increase assessed valuation of the City and surrounding area and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the community; (e) Company is currently engaged in the business of concrete construction. The Project to be financed by the Revenue Bonds is an office-warehouse facility to be located in the City and leased to various tenants and consists of the acquisition of land and the construction of buildings and improvements thereon and the installation of equipment therein, and will result in the employment of 20 additional persons to work within the new facilities; (f) The City has been advised by representa- tives of 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 Company has also advised this Council that with the aid of municipal financing, and its resulting low bor- rowing 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, of the public hearing on the proposal of the Company that the City finance the Project hereinabefore described by the issuance of its Note, 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 27, 1981, at 7:30 o'clock 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 Ramsey, Minnesota, as follows: