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<br />. , <br /> <br />. <br /> <br />6. The Council has reviewed the proposed Project <br />and believes that the Project, when completed, will be <br />compatible with present and projected development in its <br />area. <br /> <br />7. Nothing has come to the attention of the Coun- <br />cil to indicate that the proposed financing of the Proj- <br />ect by the City would adversely and unfairly affect any <br />other business enterprise located in the City. <br /> <br />8. The City will require that the Company comply <br />with the requirements of Minnesota Statutes, Section <br />474.01, Subdivision 11. <br /> <br />9. Based on representations made by the Company: <br /> <br />(a) The Project does not include any property <br />to be sold or affixed to or consumed in <br />the production of property for sale and <br />does not include any housing facility to <br />be rented or used as a permanent resi- <br />dence: <br /> <br />(b) The Project does not include an airplane, <br />a private luxury box, a facility pri- <br />marily used for gambling, or a store the <br />pr incipal business of which is the sale <br />of alcoholic beverages for consumption <br />off premises: <br /> <br />(c) <br /> <br />No more <br />of the <br />movable <br />fixture; <br /> <br />than ten percent of the proceeds <br />Bonds will be used to finance <br />equipment not constituting a <br /> <br />(d) No more than twenty-five percent of the <br />Bonds will be used to finance the acqui- <br />sition of land; and <br /> <br />(e) No more than $10,000,000 in revenue bonds <br />which are industrial development bonds <br />subject to the exemption described in <br />section 103(b)(6) of the Internal Revenue <br />Code 1954, as amended Oecember 31, 1983, <br />will be issued with respect to anyone <br />building which is used for commercial, <br />office, or industrial purposes, without <br />regard to ownership of condominium units <br />within the building. <br /> <br />- 2 - <br />