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feasibility of operating the Project would be significantly reduced, but the Corporation has also advised the City that with the aid of municipal financing, and its resulting low borrowing cost, the Project is economically more feasible; and (g) WHEREAS, before proceeding with consideration of the request of the Corporation it is necessary for the City to hold a public hearing on the proposal pursuant to Section 469.154, Subdivision 4, of the Act; and (h) WHEREAS, no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota, as follows: 1 The City Council hereby gives preliminary approval to the proposal of the Corporation that the City undertake the Project pursuant to the Act. The City and the Corporation will enter into a revenue agreement 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 Bonds in the maximum aggregate principal amount of $4500,000 to be issued pursuant to the Act to finance the Project. The City hereby undertakes preliminarily to issue its 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 Section 469.153, Subdivision 2, of the Act; that the Project furthers the purposes stated in Minnesota Statutes, Section 469.152; that the availability of the financing under the Act and willingness of the City to furnish such financing will be a substantial inducement to the Corporation 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 provide school educational services for students, 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 otherwise furthering these and other purposes set forth in Minnesota Statutes, Section 469.152. 3. The Project is hereby given preliminary approval by the City, subject to the holding of a public hearing, the approval of the Project by the Minnesota Department of Trade and Economic Development, and final approval by the City Council, the Corporation and the purchaser of the Bonds as to the ultimate details of the financing of the Project. 4. The Corporation 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 the Minnesota Department of Trade and Economic Development will be paid by the Corporation. 1342189x2 2