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• <br /> (b) The purpose of Chapter 474 , Minnesota Statutes , <br /> known as the Minnesota Municipal Industrial Development Act <br /> • ( hereinafter called "Act" ) as found and determined by the <br /> legislature is to promote the welfare of the state by the <br /> active attraction and encouragement and development of <br /> economically sound industry and commerce to prevent so far as <br /> possible the emergence of blighted and marginal lands and <br /> areas of chronic unemployment; <br /> (c) Factors necessitating the active promotion and <br /> development of economically sound industry and commerce are . <br /> the increasing concentration of population in the metropolitan <br /> areas and the rapidly rising increase in the amount and cost <br /> of governmental services required to meet the needs of the in- <br /> creased population and the need for development of land use <br /> which will provide an adequate tax base to finance these <br /> increased costs and access to employment opportunities for <br /> such population; <br /> (d) The City has received from the Company a pro- <br /> posal , summarized in the letter attached , that the City <br /> undertake to assist in the financing of all or a portion of <br /> the cost of a Project through the issuance in one or more <br /> series of Commercial Development Revenue Bonds or Notes <br /> ( hereinafter "Bonds" ) in the aggregate principal amount of up <br /> to approximately $3 ,000 ,000 pursuant to the Act, and, if <br /> • necessary, to issue one or .more notes on an interim basis <br /> ( " Interim Bonds" ) in anticipation of payment from the proceeds <br /> of such bonds; • <br /> ( e) The City desires to facilitate development of <br /> areas in the City to retain and improve its ' tax base and to <br /> help provide the range of shelter, services and employment <br /> opportunities required by its population and said Project will <br /> assist the City in achieving that objective . The Council <br /> believes that said Project will help to increase assessed valu- <br /> ation within the City and helm maintain a positive <br /> relationship between assessed valuation and debt and enhance <br /> the image and reputation of the City; <br /> ( f) The City is informed that: The Company will be <br /> engaged as a developer and financing enterprise in the <br /> building and financing of the Project consisting of <br /> residential real property for family units, and will provide <br /> continuing mortgage financing services in connection with the <br /> ultimate sale of the housing properties to individual <br /> purchasers . The Project to be financed in whole or part by <br /> the proposed Bonds will be new family units, and consists of <br /> 110 <br /> • <br />