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Mortgage and Security Agreement is an "economic development <br />facility" within the meaning of the Act and that such facility <br />will not have an adverse competitive effect on any similar <br />facility already constructed or operating in or about the City. <br />Section 2. This Council further finds that the pro- <br />posed economic development revenue bond financing of such <br />facility will be of benefit to the health and welfare of the <br />City and its citizens. <br />Section 3. This Council further finds that the facil- <br />ity to be financed from the proposed economic development reve- <br />nue bond financing is located in an economic development target <br />area of the City. <br />Section 4. This Council further finds that the pro- <br />posed economic development revenue bond financing of such <br />facility complies with the purposes and provisions of the Act. <br />Section 5. This Council hereby approves the proposed <br />economic development revenue bond financing of such facility, <br />including (i) the form and terms of the aforementioned Loan <br />Agreement, Mortgage and Security Agreement, Promissory Note, <br />Economic Development Revenue Bonds, Trust Indenture and Letter <br />of Credit attached hereto and incorporated herein by reference <br />(two (2) copies of which are on file in the Office of the Clerk <br />of the City for public inspection) , (ii) the issuance and sale <br />of said Economic Development Revenue Bonds, (iii) the loan of <br />the net proceeds of said Economic Development Revenue Bonds to <br />the Company for the acquisition and renovation of such facil- <br />ity, such loan to be evidenced by said Promissory Note, (iv) <br />-3- <br />