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~ the purposes of industry, commerce and tourism will deprive the communi ty and the State of the economic and human re- sources needed as a base ~or providing governmental services and facilities for the remaining population; and WHEREAS, the Act fur ther finds and declares tha t such governmental action is required by the increase in the amount and cost of governmental services and the need for more intensive development and use of land to provide an adequate tax base to finance these costs; and WHEREAS, Section 474.02, Subdivision lc, and Section 474.01, Subdivision 9, of the Act further authorize the financing of properties, including nursing homes, whether or not already in existence, used in providing health care services, to the end that adequate health care services be available at reasonable cost; and WHEREAS, the City of New Brighton, Ramsey County, Min- nesota (the "Issuer"), is authorized by the Act to enter into a revenue agreement with any person, firm or public or private corporation or federal or state governmental sub- division or agency in such manner that payments required thereby to be made by the contracting party shall be fixed and revised from time to time as necessary so as to produce income and revenues sufficient to provide for the prompt payment of the principal of, premium, if any, and interest on all bonds issued under the Act when due, and the revenue agreement shall also provide that the contracting party shall be required to pay all expenses of the operation and maintenance of a project, including, but without limitation, adequate insurance thereon and insurance against all liabil- ity for injury to persons or property arising from the oper- ation thereof and all taxes and special assessments levied upon or with respect to the project and payable during the term of the revenue agreement; and WHEREAS, the Act further authorizes the Issuer to issue revenue bonds, in anticipation of the collection of revenues of a project, to finance, in whole or in part, the cost of acquisition, construction, installation, completion, recon- struction, improvement, betterment or extension of any such project; and WHEREAS, Unicare Homes, Inc., a Delaware corporation (the "Borrower"), proposes to acquire and improve existing nursing home facili ties (the "Project") in the Ci ty of New Sr ighton, to be owned by the Bar rower, and the Issuer de- sires to finance said Project upon the terms and conditions as required by the Act and as in the Agreement (as herein- after defined) set forth; and - 2 -