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./ ,; "Land" means the real property described in the Mortgage; "Lender" means First Southdale National Bank of Edina, a national banking association with its main banking house in Edina, Minnesota, its successors and assigns; "Note" means the $1,600,000 principal amount Com- merciar--{or Industrial) Development Revenue Note (or Bond) of 1985 (Rush Lake Road Project, Phase III), dated as of the date of delivery thereof, issued by the City to the Lender pursuant to the Resolution; "Pledge Agreement" means the Pledge Agreement, dated as of December 1, 1985, between the City and the Lender; "Project" means the Building and the Equipment to be acquired, constructed, and installed upon the Land, as defined in the Agreement; "Resolution" means this resolution of the City Council; and "Security Documents" means the same as that term is defined in the Agreement. 2.01. Section 2. Findings. It is hereby found and declared that: (a) based upon representations made to the City by representatives of the Borrower as to the nature of the Project as described in the Agreement, the Project con- stitutes a project authorized by the Act; (b) the purpose of the Project is and the effect thereof shall be to promote the public welfare by the attraction, encouragement, and development of economic- ally sound industry and commerce so as to prevent the emergence of or to rehabili tate, so far as possible, blighted and marginal lands and areas of chronic un- employment, the retention of industry to use the avail- able resources of the community in order to retain the benefit of its existing investment in educational and public service facilities, halting the movement of tal- ented, educated personnel of mature age to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities and more intensive development of land avail- able in the community;