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. ,.. . ::1>. 1 _' ". cated personnel of mature age to areas where their services may be effectively used and compensated and the lessening attraction of persons and businesses from other areas for the purposes of industry, commerce and tourism will deprive the communi ty and the State of the economic and human re- sources needed as a base for providing governmental services and facilities for the remaining population; and WHEREAS, the Act further finds and declares that such governmental action is required by the increase in the amount and cost of governmental services and the need for more intensive development and use of land to provide an adequate tax base to finance these costs; and WHEREAS, the City of New Brighton, Rams~y County, Min- nesota (the "I ssuer"), is author iz ed by the Act to en ter into a revenue agreement with any person, firm or public or private corporation or federal or state governmental sub- division or agency in such manner that payments required thereby to be made by the contracting party shall be fixed and revised from time to time as necessary so as to produce income and revenues su ff ic ient to prov ide for the prompt payment of the principal of, premium, if any, and interest on all bonds issued under the Act when due, and the revenue agreement shall also provide that the contractin~ party shall be required to pay all expenses of the operation and maintenance of a project, including, but without limitation, adequate insurance thereon and insurance against all liabil- ity for injury to persons or property arising from the oper- ation thereof and all taxes and special assessments levied upon or wi th respect to the project and payable dur ing the term of the revenue agreement; and WHEREAS, the Act further authorizes the Issuer to issue revenue bonds, in anticipation of the collection of revenues of a project, to finance, in whole or in part, the cost of acquisition, construction, installation, completion, recon- struction, improvement, betterment or extension of any such project; and - <f WHEREAS, New Brighton Venture I, a general partnership duly formed and existing under the laws of the State of Minnesota (the "Companv"), proposes to acquire, construct and install an office/warehouse facility (the "Project") on certain land located within the corporate boundaries of the Issuer and owned by the Issuer and leased to Winfield Devel- opments, Inc., a Minnesota corporation ("Winfield"), pursu- ant to the Contract for Private Development and Lease-Pur- chase Agreement, dated June 8, 1983, by and between the Issuer and Winfield (the "NB&W Lease"), and proposed to be subleased by Winfield to the Company pursuant to that cer- tain Sublease and Assignment of Development Rig:lts and - 2 -