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• and mortgaged to the holders the 3onds And any interim 1 notes of the City or a trustee therefor under such conditions • as are necessary to assure that the interest on the 3cnds and the Interim 3cnds is exempt from federal and '!innescta income taxes ; and the City herein undertakes preliminarily to issue its bends in accordance with such terms and conditions ; 2 . On the basis of information available to this Council it appears , and the Cite' Council hereby finds , rhAt said Protect constitutes properties, real and personal , used . or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Sub- division la of Section 474 . 02 of the Act, that the availability of the financing under the Act and willingness ' of the Ci ty to furnish s .ch financing will be a substantial inducement to the Company to undertake the Project, and that the effect of the Project, if undertaken , will be to encourage the development of economically sound industry and commerce J and assist in the prevention of the emergence of blighted a nC marginal land , wiL•J hetp to prevent chronic unemployment, and will help the City to retain and improve _ :s tax base and provide the range of sh° 1 `er services and employment opportunities required by its population, and will help to Prevent the movement of talented and educated persons cut of d t:e state and to a re as within t !e state wh ere their se rvo=s may net be as effectively used and will result in the • development And use of land within the City consistent w- t.. economic use of municipal services and •,ii_- result in the tax base of the City being improved ; 3. Said Project is hereby given preliminary approval by the City subject to the approval of the Project by the Commissioner of Securities, preliminary and final plat approval by the City, payment by the Company of the costs of developing a 72 acre park in accordance with the Hakanson Anderson and Associates Park Plan (Park Plan) for the Project dated March 26, 1979, provision by the Company of security deemed appropriate by the City to ensure that the Park Plan will be fully implemented, any and all conditions imposed by the City to assure that the housing shall be available to persons and families with income and assets levels acceptable to the City, and subject to final approval by this Council, and the purchasers of the Bonds and any Interim Bonds to be issued as to the ultimate details of the Project. The specific plans and details for the Project shall be subject to all local zoning and other laws and regulations; 4. In accordance with Subdivision 7 of Section 474.01, Minnesota Statutes, the Mayor of the City is hereby authorized and directed to submit the proposal for the above described Project to the Commissioner of Securities requesting his approval, and other officers , employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary in- formation as he may require. ,The Company has agreed and it is hereby deter- • mined that any and all costs incurred by the City in connection with the Project whether or not the Project is carried to completion and whether or not