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i <br />( ) No public official of the City has either a <br />direct or indirect financial interest in the Project nor will <br />any public official either directly or indirectly benefit <br />financially from the Project: <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Falcon Heights, Minnesota, as follows: <br />1. The Council hereby gives preliminary approval to the <br />proposal of the Company that the City undertake the Project <br />pursuant to the Act and pursuant to a revenue agreement between <br />the City and Company containing such terms and conditions (with <br />provisions for revision from time to time as necessary) as may <br />be necessary to produce income and revenues sufficient to pay, <br />when due, the principal of and interest on the Revenue Bonds in <br />the maximum aggregate principal amount of $4,000,000, to be <br />issued pursuant to the Act to finance the acquisition, <br />construction and equipping of the Project. Said revenue <br />agreement may also provide for the entire interest of the <br />Company therein to be mortgaged to the purchaser of the Revenue <br />Bonds. The City hereby undertakes preliminarily to issue its <br />Revenue Bonds in accordance with such terms and conditions. <br />2. On the basis of information available to this Council <br />it appears, and the Council hereby finds, that the Project <br />• constitutes properties, real and personal, used or useful in <br />connection with one or more revenue producing enterprises <br />engaged in any business within the meaning of Subdivision la of <br />Section 474.02 of the Act; that the Project furthers the <br />purposes stated in Section 474.01 of the Act; that the Project <br />would not be undertaken but for the availability of industrial <br />development bond financing under the. Act and the willingness of <br />the City to furnish such financing; and that the effect of the <br />Project, if undertaken, will be to encourage the development of <br />economically sound industry and commerce, to assist in the <br />prevention of the emergence of blighted and marginal land, to <br />help prevent chronic unemployment, to help the City retain and <br />improve the tax base and to provide the range of service and <br />employment opportunities required by the population, to help <br />prevent the movement of talented and educated persons out of <br />the State and to areas within the State where their services <br />may not be as effectively used, to promote more intensive <br />development and use of land within the City, and eventually to <br />increase the tax base of the community. <br />• <br />