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• i into between the Borrower , as mortgagor and debtor , and the Lender , as mortgagee and secured party; Note : the Industrial Development Revenue Note ( Tescom Corporation Project) , Series 1982, in the principal amount of $1, 500 ,000 , to be issued by the City pursuant to this Resolution; Pledge Agreement: the Pledge Agreement, to be executed by the City in favor of the Lender ; Project: the Land , the Improvements, the Fixtures and the Equipment as they may at any time exist; and Project Costs: shall have the meaning given it in the Construction Loan Agreement. Section 2. Findings. It is hereby found and declared that: ( a) The Project, as described to the City by the Borrower , constitutes a "project" authorized by Section • 474. 02, subdivision 1, of the Act. (b) The purpose of the Project is, and the effect thereof will be to promote the public welfare by the attraction, encouragement and development of economically sound industry and commerce so as to prevent the emergence of or to rehabilitate, so far as possible, blighted and marginal lands and areas of chronic unemployment; the retention of industry to use the available resources of the community in order to retain the benefit of its existing investment in educational and public service facilities; halting the movement of talented, educated personnel of mature age to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and • facilities; more intensive development of land available in the community to provide an adequate and better balanced tax base to finance the increase in the amount and cost of governmental services. ( c) The Project when completed will add to the tax base of the City, and will accordingly be of direct benefit to the taxpayers of the City as well as those of the County and School District in which the Project is located. -2-