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, .. 1.4. New Brighton Business Partnership, or other Minnesota partnership to be formed with Winfield Devel- opments, Inc., a Minnesota corporation, as an affiliate or partner thereof (the "Company"), has advised the Council that it desires to undertake a project which consists of the acquisition of land and the construction thereon of an approximately 58,000 square foot off ice facility (the "Project"), to be located in the southeast quadrant of the intersection of Long Lake Road and In- terstate 694 in the City. 1.5. The existence of the Project in the City will contribute to more intensive development and use of land, thereby increasing the tax base and employment opportunities in the City. 1.6. The City has been advised by the Company and on that basis hereby finds that conventional, commercial financing to pay the capi tal cost of the Project is available at such costs of borrowing that the Project would not be economically feasible and would not be undertaken but for the availability of industrial devel- opment bond financing therefor. 1.7. This Council has been advised by Miller & Schroeder Financial, Inc., Minneapolis, Minnesota, of the financial feasability of the Project, as so under- taken with the assistance of the City, or of its inten- tion to purchase commercial or industrial revenue obli- gations of the City to finance the Project. 1.8. The City is authorized by Minnesota Statutes, Chapter 474, to issue its revenue bonds, notes or other obligations to finance the cost, in w~ole or in part, of the acquisition, construction, reconstruction, improve- ment, betterment or extension of capital projects con- sisting of properties used and useful in connection with a revenue producing enterpr ise, including the Project, and the issuance of such obligations by the City would be a substantial inducement to the Company to construct its facility in the City. .; "I 'j 1.9. The City has been advised by O'Connor & Hannan, Minneapolis, Minnesota, who shall act as bond counsel to the Ci ty with respect to the Project, that the Project constitutes a "project" within the meaning of Minnesota Statutes, Chapter 474. 2. On the basis of information given the City to date, it appears that it would be in the best interest of the City to issue its obligations (the "Bonds") under the provisions of Minnesota Statutes, Chapter 474, to finance the Project in an amount presently estimated not to exceed $5,800,000. t i f t ;: - 2 -