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STATEMENT CONCERNING A PROPOSED PROJECT <br />UNDER MINNESOTA STATUTES, CHAPTER 474 <br /> <br /> The undersigned, being the Mayor of the City of Ramsey, <br />Minnesota (the "City"), certifies that the City Council (the <br />"Council") of the City has been provided by Alan C. Phillips (the <br />"Borrower") with certain information concerning a proposed <br />Project under the Minnesota Municipal Industrial Development Act, <br />Minnesota Statutes, Chapter 474. On the basis of such <br />information the Council, by resolution adopted October 28, 1980, <br />has given preliminary approval to the proposed Project and the <br />financing thereof by the issuance of a revenue obligation or <br />obligations of the City. The following are factors considered by <br />the Council in determining to give preliminary approval to said <br />Project: <br /> <br /> 2. The Project consists of: An approximately 30,000 <br />square-foot office and warehouse building to be located in the <br />Ramsey Industrial Park in the City, all to be used by the <br />Borrower as lessor and leased to certain tenants, including <br />Altron, Inc., a Minnesota corporation engaged in the business of <br />electronics manufacturing. <br /> <br /> 2. Bond Counsel is of the opinion that the Project <br />constitutes a "project" within the meaning of Minnesota Statutes, <br />Section 474.02, Subdivision la. <br /> <br /> 3. The Borrower estimates that, based upon discussions <br />with prospective tenants, upon completion of the Project, in <br />excess of thirty (30) persons will be employed at the Project, in <br /> <br /> <br />