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. . ,. . 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 Ci ty (the "Council") has been provided by New Brighton Inns, Inc., a Minnesota corporation (the "Company"), with certain informa- tion concerning a proposed Project under the Minnesota Mun- icipal Industrial Development Act, Minnesota Statutes, Chap- ter 474. On the basis of such information, the Council, by resolution adopted on July 23, 1985 (the "Preliminary Reso- lution"), has given 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 excess of $9,000,000 (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 construction of an approximately 150 room hotel facility, to be located at the intersection of Interstate Highways 35 and 694 in the City. 2. O'Connor & Hannan, as bond counsel, is of the opinion that the Project constitutes a "project" within 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 $9,000,000, 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 benefi t 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 150 new jobs in the City will be created. 5. Representatives of the Company estimate that the acquisition, construction and installation of the Project will result in an additional payroll of approxi- mately $2,250,000, based on currently prevailing wages. The Council believes that a substantial percen- tage of that additional payroll will be spent on hous- ing, food and other goods and services in the City, thus benef i ting the local housing industry and local mer- chants.