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1-3. Findings. The City Council has heretofore determined, and does hereby determine, as follows: (1) The City is authorized by the Act to enter into a Loan Agreement for the public purposes expressed in the Act; (2) The City has made the necessary arrangements with the Borrower for the establishment within the City of a Project consisting of certain property all as more fully described in the Loan Agreement and which will be of the character and accomplish the purposes provided by the Act, and the City has by this Resolution authorized the Project and the execution of the Loan Agreement, the Pledge Agreement, the Notes and the Construction Loan Agreement, which documents specify certain terms and conditions of the acquisition and financing of the Improvements to be included in the Project7 (3) in authorizing the Project the City's purpose is, and in its judgment the effect thereof will be, to promote the pub- lic welfare by: the attraction, encouragement and development of economically sound industry and commerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment; the development of revenue-producing enterprises to use the available resources of the community, in order to retain the benefit of the commun- ity's existing investment in educational and public service facilities; helping to provide necessary health care facilities (to the end that adequate health care services be made avail- able to residents at reasonable cost); the halting of the movement of talented, educated personnel of all ages to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facil- ities; the provision of accessible employment opportunities for residents in the area7 the expansion of an adequate tax base to finance the increase in the amount and cost of governmental services, including educational services for the school district serving the community in which the Project is situated; (4) the amount estimated to be necessary to partially finance the Project Costs, including the costs and estimated costs permitted by Section 474.05 of the Act, will require the issuance of the Notes in the aggregate principal amount of $3,000,000 as hereinafter provided7 4