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4. On the basis of information available to the City, it appears, and the City hereby finds, that the Project constitutes a multifamily housing development within the meaning of subdivision 5 of Section 462C.02 of the Act; that the Project will be primarily occupied, in part, by persons of low or moderate income and elderly persons; that the availability of the financing under the Act and the willingness of the City to provide such financing will be a substantial inducement to the Developer to undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the provision of additional multi-family rental housing opportunities to residents of the City, to assist in the prevention of the emergence of blighted and marginal land and to promote more intensive development and use of land within the City; 5. The Project, and the housing program to finance the Project by the issuance of revenue bonds, is hereby given preliminary approval by the City subject to the review of the housing program by the Minnesota Housing Finance Agency (the "MHFA") and subject to final approval by the City, the Developer and the purchasers of the Bonds as to ultimate details of the financing of the Project; 6. In accordance with subdivision 5 of Section 462C.05, Minnesota Statutes, the Mayor of the City is hereby authorized and directed to submit the housing program for financing the Project to the MHFA, requesting its review, and other officers, employees and agents of the City are hereby authorized to provide the MHFA with preliminary information as it may require; 7. The Developer 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 MHFA will be paid by the Developer; 8. Briggs and Morgan, Professional Association, acting as bond counsel, is authorized to assist in the preparation and review of necessary documents relating to the Project and the housing program therefor, to consult with the City Attorney, the City's fiscal consultant, Developer and purchasers of the Bonds (or trustee for the purchasers of the Bonds) as to the maturities, interest rates and other terms and provisions of the Bonds and as to the covenants and other provisions of the necessary documents and submit such documents to the City for final approval;