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.. will be to promote the public welfare by the attraction, encourage- ment and development of economically sound industry and commerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemplo-YJ:llent; the reten- tion and development of industry to use the avallable resources of the community, in order to retain the benefit of its existing investment in educational and public service facilities; by halting the movement of talented, 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 the more intensive development of land avail- able in the area to provide a more adequate tax base to finance the cost of governmental services in the Municipality, county and school district where the Project is located. 4. The Company has entered into preliminary discussions with Fidelity Bank & Trust Company and the State Bank of New ' Brighton as prospective lender and the lenders have reported that the Project and the sale of bonds therefor are feasible. 5. The Company has agreed to pay any and all costs incurred by the City in connection with the Project whether or not the Project is approved by the Commissioner of Securities and whether or not the Project is carried to completion. 6. The Project is hereby given preliminary a~proval by the City SUbject to approval of the Project by the Commlssioner of Securities and subject to final ap~roval by this Council and by the purchasers ,of any bonds to be lssued as to the ultimate details of the Project and as to the terms of the bonds. 7. In accordance with Section 474.01, Subd. 7 of the Act, the Mayor, the City Manager and such other officers and representatives of the City as may from time to time be designated are hereby authorized and directed to submit the proposal for the Project to the Commissioner of Securities and request her approval thereof, and the Mayor, the city Manager and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as she may require. The Company, Messrs. Faegre & Benson as bond counsel, the City Manager, the City Attorney, and other City officials are also authorized to initiate the preparation of a proposed loan agreemen"t and such other documents as may be necessary or appro- priate to the Project so that, when and if the proposed Project is approved by the Commissioner and this Council gives its final approval thereto, the Project may be carried forward expeditiously. · 8. The Company is hereby authorized to enter into such 1ip:ntracts, in its own name and not as agent for the City, as may '!~:el necessary for the construction of the Project by any means a~ailable to it and in the manner it determines without advertise- ment for bids as mar be required for the acquisition or construc- tion of other municlpal facilities, but the City shall not be liable on any such contracts. -4-