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when due, the principal of and interest on the Revenue Bonds in the maximum aggregate principal amount of $8,500,000, to be issued pursuant to the Act to finance the acquisition, construction and equipping of the Project. Said revenue agreement may also provide for the entire interest of Company therein to be mortgaged to the purchaser of the Revenue Bonds. 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 Act: 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 development bond financing under the Act and the willingness of the City to furnish such financing: 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 unenployment, 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 and adjacent to 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 Commissioner of Energy and Economic Development or such other state officer having authority to grant approval (the "Commissioner"), and subject to final approval by this Council, the Company, and the purchaser of the Revenue Bonds as to the ultimate details of the financing of the Project. 4. In accordance with Subdivision 7a of Section 474.01 of the Act, the Mayor of the City is hereby authorized and directed to submit the proposal for the Project to the Commissioner requesting his approval, and other officers,