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to be financed by the City pursuant to a loan agreement secured by a mortgage on al1 of:the Hom�st property comgrising the proj�ct anc� adjacent to i�, upon such terrris and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due; �he _ principal of and interest on the proposed Revenue Bond of the Ci'�y in the total principal amount of approximately �4,000,000 '� �` to be issued to finance in part the acquisition, construction \ :and installation of-said Project, and the City hereby under-� takes preliminarily to issue its Revenue Bond in accordance: with_such terms and conditions. 2. On the basis of information available to this Council it:appears, and the Council hereby finds, that said Project constitutes property used or useful in connectian ; with one or more revenue producing enterprises engaged in � any business within the.meaning of Subdivision.l(a) of Sec- tion 474.D2 of the Minnesota Statutes, that the availability .: of the financing urider the Act and willingness of the City �a furnish such financing wi11 be of substantial benefit ta 'che - Homes in completing the Project, and that the effect of the f Project, if undertaken, will be to effect substantial:cost � savings in the delivery of heal�h care and nursing services - ta the`elderly, wi11 encourage economically sound deveiopment, ' will help to provzde the range of services, including medical � nursing home and outpatient services for the elderly, and � employmen� opportunities required by the population of Arden i Hi11s, and will help to prevent the rnovement of talented and educated persons out o�' the state and to areas within the state where their services may nat be as effectively used. i - : i3. Said Pro j ect is hereby given prelimi,nar� ap-- �I proval by the City.subject to the approval.of the Pro�ject by the Cammissioner of Economic DeVelopment and subject to final � _ appraval by th�.s Council and �he Homes of the Bond to be issued � and as to the ultima�e detai,ls of_financing the Project. I _ , , 4. In accordance with Subdivision 7 of Section ` � 474.O1, Minnesota Statutes, the Mayor of the Ci.ty is h�ret��t� � authorized and directed to submit the proposal for the above i' `descri.bed Project to the Commissioner oi Economi.c Development � ' requesting his approval, and other officers,`employees and � agents of the City are hereby authorized to provide the Com- ' missioner with such preliminary information as he may require. Homes has agreed and it i.s hereby determined,that any and al1 `cost incurred by the City in connection with the Project, whether or not the Project is carried to completion and �{, whether or not approved by the Commissioner,, will be paid by the Homes. : . i _3� ,