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~ ~ WHEREAS, the proposed Project would encourage the retention and expansion of a revenue-producing enterprise within the City and the Applicant has repre- sented to the City that approximately forty-five (45) additional persons will be employed within the Project, thereby improving employment opportunities avail- able to residents of the City and the surrounding area; and WHEREAS, the full faith and credit of the City will not be pledged or be responsible for the Project or the payment of the principal of and interest on the Revenue Bonds; and WHEREAS, the undertaking of the Project and the issuance of the Revenue Bonds satisfy legislative objectives, purposes and requirements of the Act, and guideliI,les developed by the City for assessing projects of this kind; and WHEREAS, pursuant to and in, com~]J.a with the At:. t, a public hearing on the proposal was held on Dee. <t1f1". 1980, (Public Hearing) pursuant to notice of the Public Hearing be g published once not less than fifteen (15) days nor more than thirty (30) days prior to the date fixed for the Public Hearing, in the official newspaper and a newspaper of general circulation of the City; and WHEREAS, at the Public Hearing all parties who appeared were given an opportunity to express their views with respect to the proposed undertaking and financing of the Project; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NEW BRIGHTON: 1. The Council hereby gives preliminary approval to the proposal of the Applicant and declares that it is its present intent to issue the Revenue Bonds pursuant to the Act for the purpose of financing the Project within the City and hereby gives preliminary approval to a Revenue Agreement between the City and the Applicant upon terms and cond}~ions, subject to revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal of approximately $445,000 and interest on the Revenue Bonds; and the City hereby undertakes preliminarily to issue its Revenue Bonds in accord- ance with such terms and conditions; 2. On the basis of information furnished the Council, it appears, and the Council hereby finds, that the Project constitutes properties, real and per- sonal, used or useful in connection with one or more revenue producing enter- prises engaged in business within the meaning of the Act and that the Project will help retain and expand existing business wi thin the City, will provide for greater employment opportunities, will provide more intensive development and use of land, will help the City retain and improve its tax base, will serve to prevent the emergence of blight and economic deterioration in the City and that the availability of the financing under the Act and willingness of the City to furnish such financing will be a substantial inducement to the Applicant to undertake the Project; 3. This preliminary approval by the City is subj ec t to the approval of the Project by the Commissioner of Securities, and subject to final approval by this Council, the Applicant and the purchaser of the Revenue Bonds as to the final terms and conditions on which the Project will be financed and the Revenue Bonds issued, sold and secured; z.