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<br /> <br /> <br /> <br />City of New Brighton <br />Page 2 <br />November 4, 1980 <br /> <br />1. The project that we propose is consistent with the City's Comprehensive <br />Development Plan and other existing codes. <br /> <br />2. The site for our project is within the Highway 8 corridor area and <br />involves the use of land of marginal quality due to poor soil conditions. <br /> <br />3. Our project involves the expansion of an existing business within the <br />City. It will create a significant number of new jobs within the City; <br />i.e., we project that within 12 months of the completion of the project <br />we will employ approximately 45 additional employees at an increased <br />payroll of approximately $515,000. Thus we believe this project will <br />serve the purpose of providing new employment opportunities within the <br />City in order to keep unemployment at a low level and to protect against <br />the movement of persons to other areas where jobs are more plentiful. <br />We also believe that a substantial percentage of the additional payroll <br />will be spent on housing, food, and other goods and services in the City <br />and surrounding areas, thus benefiting the local economy. <br /> <br />4. The improvement of the marginal land and the construction of the building <br />will serve to increase the tax base of the City, the county, and the <br />school district in which the City is located, thus aiding in the financing <br />of public services within the City, county, and school district. <br /> <br />5. If we are precluded from expanding at the site of our existing facility <br />in New Brighton, we would be required to consider other sites for <br />expansion that are located elsewhere. In that event, the local economy <br />would lose the benefit of both existing and increased employment within <br />the community. <br /> <br />6. We also anticipate that the increased employment within the City that <br />would result from the addition to our manufacturing facilities, would <br />give rise to an increased demand for housing within the City by those <br />employees. Additional use of educational and other public service <br />facilities that are now existing would result. <br /> <br />At current high interest rates that would be charged for financing this project <br />other than on a tax exempt basis, we do not believe that it would be economically <br />feasible for us to proceed with the project. We contemplate that financing would <br />be provided by sophisticated institutional lender familiar with the use of tax <br />exempt mortgage note financing. An application has been made to such a lender <br />and is currently under review by that lender. <br /> <br />We have been plea~~d to be a member of the New Brighton business community since <br />1974. We would very much like to continue to grow as a member of the New Brighton <br />community. We believe our application conforms to the guidelines established <br />with respect to the financing that we request. We hope that our request will <br />receive your favorable consideration. <br /> <br />Sincerely, <br /> <br />MICOM CORPORATION <br /> <br />n ~ ~ <br />