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principal of and interest on the Note in the total principal amount of approxil:\ately $3,000,000 to be issued pursuant to the Act to finance the acquisition, construction and equipping of the ProJect; and said agreement 1.1ay also provide for the entire interest of Company therein to be mortgaged to the purchaser of the Revenue Bonds; and the city hereby undertakes preliminarily to issue its Note 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 availabil i ty of the financing un,der the Act and vlillingness of the City to furnish such financing will be a substantial inducement to Company 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 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 1,1ay not be as effectively used, to promote more intensive developll1ent and use of land within the City and eventually to increase the tax base of the cornraunity; 3. The Project is hereby given preliminary approval by the City subject to the approval of the Project by the Commissioner of Energy, Planning and Development (the "Corcunissioner"), and subject to final approval by this Council, Company, and the purchaser of the Note as to the ultimate details of the financing of the Project; 4. In accordance with Subdivision 7a of Section 474.01 Minnesota Statutes, 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, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as he may require; 5. Company 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 Commissioner will be paid by Company;