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. ~"/f.-~~~.'~::n.1t;~. STaTEMENT CONyERNING A PROPOSED PROJECT UNDER THE MUNICIPAL INDUSTRIAL REVENUE BOND ACT MINNESOTA STATUTES~ CHAPTER 474 The undersigned, being the duly qualified and acting Mayor of the City of New Brighton~ Minnesota (City) certifies that the City Council ,of the City has been provided by Micom Corporation and its representatives (Applicant) with certain information concerning a proposed project (Project) under the Minnesota Municipal Industrial Development Act~ Minnesota Statutes~ Chapter 474 (Act). On the basis of such information~ the City Council by resolution adopted 1980, has given preliminary approval to the proposed Project and the financing thereof by the issuance of revenue bonds or other obligations of the City. The following are factors considered by the Council in determining that the Project furthers the purposes stated in the Act and that the Council would give its preliminary approval to the Project. 1) The Project consists generally of the construction of a building for light manufacturing use. 2) Such purchases and remodeling, at an aggregate estimated cost of approximately $503,200, actively promotes and develops economically sound commerce within the City. 3) Applicant represents that it will initially employ approximately 20 persons and within 12 months will employ approximately 45 persons, in addition to those currently employed within the City. This Council is concerned that new employment opportunities continue to be provided within the City in order to keep unemployment of a low level and to protect against the movement of persons to other areas where jobs are more plentiful. This Council believes that the existence of the Project will help to ease those concerns. 4) The Applicant represents that such additional employees will, at current prevailing wage rates, add approximately $215,000 of annual payroll initially, and $515,000 of additional payroll within 12 months~ within the City. This Council believes that a substantial percentage of that additional payroll will be spent on housing, food and other goods and services in the City and surrounding areas, thus benefiting the local economy. 5) This Council believes that the project is compatible with present and proposed development within the City, that it will serve to prevent the emergence of blight and prevent economic deterioration in the City, that it will aid in increasing the tax base of the City, the county, and the school district in which the City is located, and that the project will not put a burden on existing City services or utilities beyond that which can be reasonably and economically accommodated. 6) Bond Counsel is of the op1n1on that the Project constitutes a "Project" within the meaning of Section 474.02 of the Act. The City will provide the Minnesota Department of Economic Development with the information required by Section 474.0l~ Subdivision 8 of the Act~ upon entering into a revenue agreement, as defined in the Act, with the Applicant.