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"Lender" means Arner ican National Bank and Trust Company, a national banking association wi th its main banking house in St. Paul, Minnesota, its successors and assigns; "Mortgage" means that certain Mortgage, Secur i ty Agreement and Fixture Financing Statement, dated as of December 1, 1985, given by the Borrower in favor of the Lender; "Note" means the $1,700,000 pr incipal amount Com- mercial Development Revenue Note of 1985 (Rush Lake Road Project), dated as of the date of delivery thereof, issued by the City to the Lender pursuant to the Reso- lution; "Pledge Agreement" means the Pledge Agreement, dated as of December l, 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; "Reference Rate" means the same as that term is defined in the Agreement; and "Resolution" means this resolution of the City Council. Section 2. Findings. 2.01. 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 - 2 -