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3. On the basis of information available to the City it appears, and the City hereby finds, that the Project consti- tutes a multi - family housing development within the meaning of subdivision 5 of Section 462C.02 of the Act; that the Project will be occupied by persons of low or moderate income; the availability of the financing under the Act and the willingness of the City to furnish such financing will be a substantial inducement to the Developer to undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the provision of additional multi - family rental housing opportunities to residents of the City, to assist in the redevelopment of blighted and marginal land and to promote more intensive development and use of land within the City; 4. The Project is hereby given preliminary approval by the City subject to the approval of the financing program by the Minnesota Housing Finance Agency ( "MHFA ") and the Metropolitan Council, and subject to the creation of a financing program and Housing Plan in accordance with the Act, and subject to final approval by the City, the Developer and the purchasers of the Bonds as to ultimate details of the financing of the project, and subject to consideration of matters raised at the public hearing; 5. The Clerk- Treasurer is hereby authorized to establish a date for a public hearing on an overall Housing Plan for the City and a financing program for the Project after consultation with the Developer and the City Attorney as to the notice requirements of the Act. The entire expense of preparation of the Housing Plan and financing program shall be borne by the Developer; 6. In accordance with subdivision 5 of Section 462C.05, Minnesota Statutes, the Mayor is hereby authorized and directed to submit the program for financing the project to MHFA, requesting its approval, and other officers, and employees and agents of the City are hereby authorized to provide MHFA with preliminary information as it may require; 7. The Developer has agreed and it is hereby determined that any and all costs incurred by the City in connection with the financing of the Project whether or not the project is carried to completion and whether or not approved by MHFA will be paid by the Developer;