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... <, 1 MAYOR'S STATEMENT CONCERNING A PROPOSED PROJECT UNDER MINNESOTA STATUTES, CHAPTER 474 The undersigned, being the duly qualified and acting Mayor of the City of New Brighton, Minnesota (the "City"), hereby certifies that the Ci ty Council of the City (the "Council") has been provided by Ron Wells Marketing, Inc., a Minnesota corporation (or Mr. Wells individually or a part- nership to be formed wi th Mr. Wells as a general partner) (the "Company"), with certain information concerning a pro- posed Project under the Minnesota Municipal Industrial De- velopment Act, Minnesota Statutes, Chapter 474. On the basis of such information, the Council, by resolution adopted on July 8, 1986 (the "Preliminary Resolution"), has 9i ven preliminary approval to the proposed Project and the financing thereof by the issuance of revenue obligations of the City in an amount currently estimated not to be in ex- cess of $1,000,000 (the "Bonds"). The following are factors considered by the Council in determining to give preliminary approval to the Project: 1. The Project consists of the acquisi tion of land and the construction thereon of an approximately 30,000 square foot furniture manufacturing facility, to be located on the North side of 2nd Street NW between 5th Avenue NW and 1-35W in the city. 2. O'Connor & Hannan, as bond counsel, is of the opinion that the Project constitutes a "project" wi thin the meaning of Minnesota Statutes, Section 474.02, Sub- division la. 3. Based on an estimated total cost of acquisi- tion, construction and installation of approximately $1,000,000, it is the opinion of the Council that the Project, when completed, will add significantly to the commercial and industrial tax base of the City and will thereby benefit the County, the School Distr icts and other taxing jurisdictions in 'which the Project is located. 4. Representatives of the Company estimate that as a result of the acquisition, construction and instal- lation of the Project a total of 15 new jobs in the City will be created. There are currently 45 existing jobs provided by the Company in the City. 5. Representatives of the Company estimate that the acquisition, construction and installation of the project will result in an additional payroll of approxi- mately $300,000, based on currently prevailing wages.