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. . ~ operations described above to be initially owned and operated by the Borrower and pursuant to a revenue agreement between the City and Borrower upon such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal of and interest on the Revenue Bonds in the maximum aggregate principal amount of $400,000 to be issued pursuant to the ~ct to finance the acquisition, construction and equipping of the Project; and said agreement may also provide for the entire interest of Borrower therein to be mortgaged to the purchaser of the Revenue Bonds; and the City hereby undertakes preliminarily to issue its Revenue Bonds 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 the project constitutes properties, real and personal, used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision la of Section 474.02 of the ~ct; that the project furthers the purposes stated in Section 474.01, Minnesota Statutes; that the Project would not be undertaken but for the availability of industrial bond financing that the availability of the financing under the Act and willingness of the City to furnish such financing will be a substantial inducement to Borrower to undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the development of economically sound industry and commerce, to assist in the prevention of the emergence of blighted and marginal land, to help prevent chronic unemployment, to help the City retain and improve the tax base and to provide the range of service and employment opportunities required by the population, to help prevent the movement of talented and educated persons out of the state and to areas within the State where their services may not be as effectively used, to promote more intensive development and use of land within the City and eventually to increase the tax base of the community; 3. The project is hereby given preliminary approval by the City subject to the approval of the Project by the 'Minnesota Energy and Economic Development Authority or such other state officer having authority to grant approval (the "Authority"), and subject to final approval by this Council, Company, and the purchaser of the Revenue Bonds as to the ulti- mate details of the financing of the project;