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<br />.. <br /> <br /><,' <br /> <br />1.4. Hal-fics, Inc., a Minnesota corporation (the <br />"Company"), has advised the Council that it desires to <br />undertake a project which consists of the construction <br />of an approximately 100 to 120 room hotel/restaurant/- <br />office facility (the "Project"), to be located at the <br />southeast quadrant of the intersection of Minnesota <br />Trunk Highway 96 and Old Highway 8 in the City. <br /> <br />1.5. The existence of the <br />contribute to more intensive <br />land, thereby increasing the <br />opportunities in the city. <br /> <br />1.6. The City has been advised by the Company and <br />on that basis hereby finds that conventional, commercial <br />financing to pay the capi tal cost of the Project is <br />available at such costs of borrowing that the Project <br />would not be economically feasible and would not be <br />undertaken but for the availability of industrial devel- <br />opment bond financing therefor. <br /> <br />Project in the City will <br />development and use of <br />tax base and employment <br /> <br />1.7. This Council has been advised by <br />of the financial feasabi 1 i ty of the Proj- <br />ect, as so undertaken with the assistance of the City, <br />or of its intention to purchase commercial or industrial <br />revenue obligations of the City to finance the Project. <br /> <br />1.8. The City is authorized by Minnesota Statutes, <br />Chapter 474, to issue its revenue bonds, notes or other <br />obligations to finance the cost, in whole or in part, of <br />the acquisition, construction, reconstruction, improve- <br />ment, betterment or extension of capital projects con- <br />sisting of properties used and useful in connection with <br />a revenue producing enterpr ise, including the Project, <br />and the issuance of such obligations by the City would <br />be a substantial inducement to the Company to construct <br />its facility in the City. <br /> <br />1.9. The City has been advised by O'Connor & <br />Hannan, Minneapolis, Minnesota, who shall act as bond <br />counsel to the City with respect to the Project, that <br />the Project constitutes a "project" wi thin the meaning <br />of Minnesota Statutes, Chapter 474. <br /> <br />2. On the basis of information given the City to date, <br />it appears that it would be in the best interest of the City <br />to issue its obligations (the "Bonds") under the provisions <br />of Minnesota Statutes, Chapter 474, to finance the Project <br />in an amount presently estimated not to exceed $5,000,000. <br /> <br />- 2 - <br />