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u .. . � . , . �� " ' � . ' � , STATEMENTS OF MUNICIPALITY CONCERNING MUNICIPAL INDT3STRIAL REVENUE BOND PROJECT Re: Proposed Additional $250 ,000 Industrial Development � ' Revenue Bonds (Delaney-First National Bank of Navarre .Projecta ` Municipality: City of Orono, Minnesota Borrower: David Delaney and/or a partnership to be organized by Mr. Delaney TO WHOM IT MAY CONCERN: The undersi:gned officials of the City of Orono, Minne- sota �the City� , hereby make the following statements in support of the attached Application for Approval of Municipal Industrial Revenue Bond Project concerning the above-referenced Project: !a� Statement as to Public Pur ose of Pro 'ect under Minnesota Statutes, Chapter 474 (A�plication-Exhibit 3 . On "the basis of information provided by representatives of the Borrower and on the basis of the publi.c hearing held in accordance with � Section 474. 01, Subdivision 7b of the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474 (.the Act) , the City has given preliminary approval to �the Project and the fi- � nancing thereof by the issuance of revenue bonds of the City. The following are factors considered by the City Council in deter- mining• to give preliminary approval .to the Project: , (1�. Representatives of the Borrower state that the Project consists generally of .an increase in the size of the building included in the project approved by the Minnesota Com- missioner of Securities on February 12 , 1979 , a proposed increase in the proportion of bank space in the building, and related im- - provements and other property. � C2� Bond counsel is of the� opinion that the Project constitutes a "project" within the meaning of Section 474 . 02 , Subdivision la of the Act: (3) Representatives of the �Borrower estimate that, upon completion of the Project . (and the project described in the Ap-- proval of the Minnesota .Commissioner of Securities on February 12 , 1979 , hereinafter collectively referred to as the Combined Project) , approximately 4 additional persons will be employed in the operation of the Combined Project and perhaps as many as 30 persons will be �ocated in, or work out of, the office and commercial� space included in the Combined Project. . - (4) Re�resentatives� of the Borrower estimate that the � � • operation of the Combined Project will result in an annual pay- � roll of approximately $36 ,000 , based on wage rates currently in effect, not includincy. the additional payroll which will result