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• (j) 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 provide an additional <br />$1,500,000 of financing for the Project pursuant to the Act on <br />the terms outlined in said resolutions of August 14, 1985, and <br />September 11, 1985, for the $4,000,000 then contemplated. The <br />City hereby undertakes preliminarily to issue its Revenue Bonds <br />in the additional amount of $1,500,000 in accordance with such <br />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 />financed in the amount of $5,500,000 constitutes properties, <br />real and personal, used or useful in connection with one or <br />more revenue producing enterprises engaged in any business <br />,within the meaning of Subdivision la of Section 474.02 of the <br />Act; that the Project furthers the purposes stated in Section <br />474.01 of the Act; that the Project would not be undertaken but <br />for the availability of industrial development bond financing <br />• under the Act and the willingness of the City to furnish such <br />financing; and that the effect of the Project, if undertaken, <br />will be to encourage the development of economically sound in- <br />dustry and commerce, to assist in the prevention of the <br />emergence of blighted and marginal land, to help prevent <br />chronic unemployment, to help the City retain and improve the <br />tax base and to provide the range of service and employment <br />opportunities required by the population, to help prevent the <br />movement of talented and educated persons out of the State and <br />to areas within the State where their services may not be as <br />effectively used, to promote more intensive development and use <br />of land within the City, and eventually to increase the tax <br />base of the community. <br />L~ <br />