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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, Ramsey County, Minnesota (the "City"), certifies that the City Council of the City (the "Council") has been provided by McCullough & Company, an Illinois partnership (the "Company"), with certain in- formation concerning a proposed Project under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474. On the basis of such information, the Council by resolution adopted on May 11, 1982 (the "Preliminary Resolution"), has given preliminary approval to the proposed Project and the financing thereof by the issuance of a reve- nue obligation or obligations of the City. The following are factors considered by the Council in determining to give preliminary approval to said Project: 1. The project consists generally of the acquisi- tion of land, the acquisition and construction of a building thereon and the acquisition and installation of equipment therefor to be used as a first-class hotel and related facilities. 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 $10,000,000, 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 the County and School District in which the City is located. 4. Representatives of the Company estimate that, as a result of the acquisition, construction and instal- lation of the Project, the Company will employ approxi- mately eighty (80) or more persons in addition to those cur rently employed by the Company, in the Ci ty and the surrounding area. The Council is concerned about the level of unemployment in the City and surrounding area and the resul ting movement of persons to other areas where jobs are more plentiful and believes that the existence of the project in the City would help allie- viate those problems. 5. Representatives of the Company estimate that the acquisi tion, construction and installation of the Project will result in an additional payroll of approxi- mately $1,000,000 or more, based on currently prevailing