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• <br /> , • <br /> (a) based upon representations made to the City <br /> as to the nature of the Project and the anticipated use <br /> of the proceeds of the Note, the real property and improve- <br /> ments described in the Agreement and the Mortgage constitute <br /> • a Project authorized by the Act; <br /> (b) the purpose of the Project is , and the <br /> effect thereof will be to promote the public welfare by <br /> the attraction , encouragement and development of <br /> economically sound industry and commerce so as to prevent <br /> the emergence of or to rehabilitate, so far as possible, <br /> blighted and marginal lands and areas of chronic <br /> unemployment; to retain industry' s use of the available <br /> resources of the community in order to retain the benefit <br /> of its existing investment in educational and public <br /> service facilities ; to halt the movement of talented, <br /> educated personnel of mature age to other areas and thus <br /> preserve the economic and human resources needed as a base <br /> for providing governmental services and facilities; to <br /> more intensively develop land available in the community <br /> to provide an adequate and better balanced tax base to <br /> finance the increase in the amount and cost of <br /> governmental services; <br /> (c) the Project when completed will add to the <br /> tax base of the City, and will accordingly be of direct <br /> benefit to the taxpayers of the City as well as those of <br /> the County and School District in which the City is <br /> • located ; <br /> (d) the Project has been approved by the <br /> Commissioner of Securities of the State of Minnesota as <br /> tending to further the purposes and policies of the Act; <br /> (e) the financing of the Project, the issuance <br /> and sale of the Note, the execution and delivery of the <br /> Construction Loan Agreement, of the Agreement, and of the <br /> Loan Agreement Assignment, and the performance of all <br /> covenants and agreements of the City contained in the <br /> Construction Loan Agreement, the Agreement, and the Loan <br /> Agreement Assignment and of all other acts and things <br /> required under the Constitution and laws of the State of <br /> Minnesota to make the Construction Loan Agreement, the <br /> Agreement, the Loan Agreement Assignment, and the Note <br /> valid and binding obligations of the City in accordance <br /> with their terms , are authorized by the Municipal <br /> Industrial Development Act; <br /> (f) it is desirable that the Commercial <br /> Development Revenue Note in the amount of $320, 000 be <br /> issued by the City upon the terms set forth herein, and <br /> that the City assign its interest in the Agreement and <br /> • <br /> -3- <br />