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revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in the total principal amount of approximately $23,000,000 to be issued pursuant to the Act to finance the acquisition and construction of the Project; and said agreement may also provide for the entire interest of the Developer therein to be mortgaged to the purchasers of the Bonds, or a trustee for the holder(s) of the Bonds; and the City, acting by and through the City, hereby again undertakes preliminarily to issue its bonds in accordance with such terms and conditions. 3. At the option of the City, the financing may be structured so as to take advantage of whatever means are available and are permitted by law to enhance the security for, or marketability of, the Bonds; provided that any such financing structure must be consented to by the Developer. 4. On the basis of information available to the City it appears, and the City hereby finds, that the Project consti- tutes a mUlti-family housing development within the meaning of subdivision 5 of Section 462C.02 of the Act; that the availability of the financing under the Act and the willingness of the City to furnish 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 senior rental housing opportunities to residents of the City, and to promote more intensive development and use of land within the city. 5. The Project and the program to finance the Project by the issuance of revenue bonds is again hereby given preliminary approval by the City 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. The housing program for financing the Project prepared in accordance with the provisions of Minnesota statutes, section 462C.03 is hereby approved. 7. The Developer has agreed and it is again 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 will be paid by the Developer. 8. Briggs and Morgan, Professional Association, acting as bond counsel, is again authorized to assist in the preparation and review of necessary documents relating to the Project, the housing plan and the financing program therefor, to consult with the City Attorney, Developer and purchasers of the Bonds (or 247198 4