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� .' h � ��.�. � _ � - � -� space in the building, and related improvements and property, and • to finance increased costs of the project approved by Resolution No. 988 of approximately $50 ,000 due to inflation. The total estimated amount of Notes to be issued would then be a principal amount not to� exceed $700,000 . ' , - 1.3. At the public hearing, duly called, noticed and held on September 11, 1979 in� accordance with the Act, all persons were afforded an opportunity to be heard. Based on such hearing and such ot'her facts and circumstances as this Council deems relevant, _ this Council hereby finds, determines and declares as follows: (a�, The welfare of the State of Minnesota requires active promotion, attraction, encouragement and development of • ' economically sound industry and commerce through governmental acts to prevent, so far as possible, emergence of blighted lands and areas of chronic unemployment, and the State has encouraged local government units to act to prevent such economic deteriora- tion. . (b1 The Project would further the purposes stated in , Section 474 . O1. of the �Act. � Cc). The existence of the Project would add to the tax , base of the City and of the County and- School District in which ' the P.roject is located and would provide increased opportunities • for employment for residents of the City and surrounding area. • (d� This Council has been advised that conventional, � commercial financing to pay the cost of the Project is available only on a limited basis and at such high costs of borrowing that the �economic feasibility of operating the Project would be sig- nificantly reduced, but that with the aid of municipal borrowing, and its resulting lower borrowing cost, the Project is economi- cally more feasible. . �e) � This Council has also been advised by Mr.' Delaney that on the basis of his discussions with potential buyers of , tax-exempt Notes, the Notes could be issued and sold upon favor- able rates and terms to finance the Project. , � �fk The City is authorized by the Act to issue the Notes to finance capital p�ojects consisting of properties used : and useful in connection with a revenue producing enterprise. , SECTION 2 . Preliminary Approval of Project 2.1. On the basis of information given the City to date, it ap- pears that it would be in the best interest of the City to issue � its Notes in the estimated total amount set forth in Section 1. 2 hereof to undertake and finance, in whole or in part, the Project. ° r , ' • -2-