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the acquisition of land and the construction and installation • thereon of buildings and improvements, and will result in the temporary employment of additional persons to work in and about said Project, and the permanent addition to new housing for persons employed in the City and the metropolitan area, and the addition of some additional permanent jobs; (g ) The City Council has been advised by repre- sentatives of the Company that conventional , commercial financing to pay the entire 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 the Company has also advised this Council that with the aid of municipal financing , and its resulting low borrowing cost,, the Project is economially feasible; • ( h) Piper, Jaffray & Hopwood , Incorporated , invest- ment bankers, have advised that on the basis of information submitted to them and their discussions with representatives of the Company, such bonds could in their opinion be issued and .sold upon favorable rates and terms in the amount to pay all or a portion of the cost of undertaking the Project, and that any required equity investments can reasonably be expected to be available; • ( i) Briggs and Morgan, Professional Association, Bond Counsel , have advised the City of the legality and tax-exempt features of the financing assistance requested . NOW, THEREFORE, BE IT RESOLVED by the City of Elk River, Minnesota, as follows : • 1 . The City hereby gives preliminary approval to the proposal of Company that the City undertake financing assistance to the Project pursuant to the Minnesota Municipal Industrial Development Act ( Chapter 474 , Minnesota Statutes) , consisting of construction and improvement of facilities within the City pursuant to specifications approved by the Company suitable for the operations described under revenue agreements between the City and the Company upon such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal amount of up to approximately $8 , 000 , 000 ' to be issued in one or more series pursuant to the q1 Act to finance acquisition,a construction or a part of the ac..,�is_tion, construe ion and improvement of said Project; and said proposal may also provide for the entire interest of City herein to be pledged • 1