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<br />\< <br /> <br />. ... <br /> <br />low or moderate income; encourage the development <br />of housing facilities designed for occupancy <br />primarily by elderly persons; and encourage the <br />development of blighted or underutilized land and <br />structures within the boundaries of the City; and <br />the Project will assist the City in achieving <br />these objectives. <br /> <br />(d) The Project to be financed by the <br />Bonds consists of (i) the acquisition, new <br />construction and equipping of a multifamily <br />rental housing development of approximately 85 <br />rental units and (ii) the acquisition and <br />rehabilitation of seven adjacent existing rental <br />units, all to be located at the southwest corner <br />of 3rd Avenue and 10th Street in the City, and <br />consists of the acquisition of land and the <br />rehabilitation and construction of buildings <br />thereon which will result in the provision of <br />additional rental housing opportunities to <br />elderly persons within the community; <br /> <br />(e) The City has been advised by <br />representatives of the Developer that con- <br />ventional, commercial financing to pay the <br />capital costs of the Project is available only on <br />a limited basis and at such high costs of <br />borrowing that the economic feasibility of <br />operating the project would be significantly <br />reduced, but the Developer has also advised the <br />City that with the aid of municipal financing, <br />and resulting low borrowing costs, the Project is <br />economically more feasible; <br /> <br />(f) A public hearing on the Project and <br />the financing program therefor was held on April <br />12, 1988, after notice was published, all as <br />required by Minnesota Statutes, Section 462C.05, <br />subd. 5, at which public hearing all those <br />appearing at said hearing who desired to speak <br />were heard and written comments, if any, were <br />considered; <br /> <br />(g) The City has submitted the financing <br />program for the Project to the Metropolitan <br />Council, and such reviewing agency was given the <br />opportunity to comment thereon all as required by <br />Minnesota Statutes, Section 462C.04, Subd. 2; <br /> <br />(h) No public official of the City has <br />either a direct or indirect financial interest in <br /> <br />-2- <br />