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by and leased to Healy-Ruff Company and pursuant to a revenue agreer:\-ent between the City and Borrower upon such terms and conditions with provisions for revision frrnn 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 ill~ount of $875,000 to ~e issu;; pursuant to the l\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 1 of Section 474.02 of the Act; that the Project furthers the purposes stated in Section 474.01, Minnesota Statutes; 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 aS3ist 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 emplo~nent opportunities required by the pOVllation, 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 cOll1munity; 3. The Project is hereby given preliminary approval by the City subject to the approval of the Project by the l1innesota Energy and Economic Development Aut.hority or such other state office having authority to grant approval (the "Authority"), and subject to final approval by this Council, Borrower, and the purchaser of the Revenue Bonds as to the ulti- mate details of the financing of the Project; 4. In accordance with Subdivision 7a of section 474.01 t1innesota Statutes, the r1ayor of the City is hereby authorized and directed to submit the proposal for the Project to the Authority requesting its approval, and other officers, employees and agents of the City are hereby authorized to provide the Authority with such preliminary information as it may require;