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"Land" means the real property descr ibed in the Mortgage; "Lender" means The First National Bank of Saint Paul, a national banking association with its main banking house in St. Paul, Minnesota, its successors and assigns; "Note" means the $5,200,000 pr incipal amount Com- merciar--{or Industrial) Development Revenue Note (or Bond) of 1985 (Cohasset Investments Project), 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 II 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. 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 rehabilitate, 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 benef i t 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;