7A, Northwestern College Application for Tax-Exempt Financing

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STATEMENT CONCERNING A PROPOSED PROJECT UNDER MINNESOTA STATUTES, SECTIONS 469.152 TO 469.165 The undersigned, being the duly qualified and acting Mayor and City Administrator of the City of Arden Hills, Minnesota (the "City"), certify that the City has been provided by Northwestern College, a Minnesota nonprofit corporation (the "Borrower"), with certain information concerning a proposed Project (as defined hereinafter) under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 to 469.1651, as amended (the "Act"). On the basis of such information, the City Council of the City (the "Council"), by resolution adopted November 30, 2009 (the "Resolution"), has given preliminary approval to the proposed Project and the financing thereof by the issuance of revenue obligations of the City, subject to approval of the Project by the Commissioner of the Minnesota Department of Employment and Economic Development. The following are factors considered by the Issuer in determining to give preliminary approval to said Project: 1. The Project consists generally of the construction and equipping of an approximately 70,000 square foot facility, which will provide new dining facilities, an expanded campus store, student lounges, study areas, office space for student organizations, classrooms, and meeting spaces, to be located in the City (the "Project"). 2. Kennedy & Graven, Chartered, bond counsel for the Project, is of the opinion that the Project constitutes a "project" within the meaning of Minnesota Statutes, Section 469.153, Subdivision 2(b). 3. Based on representations of the Borrower as to the nature of the Project, the City believes that the Project is compatible with present and projected development in its area. 4. Nothing has come to the attention of the City to indicate that the proposed financing of the Project would adversely and unfairly affect any other business enterprise located in the City. 5. Pursuant to the Resolution, the City will comply with the requirements of Minnesota Statutes, Section 469.154, Subdivision 5. 6. Based on representations of the Borrower as to the nature of the Project, the Project does not include any property to be sold or affixed to or consumed in the production of property for sale, and does not include any housing facility to be rented or used as a permanent residence. 7. Based on representations of the Borrower as to the nature of the Project, the Project does not include an airplane, a private luxury box, a facility primarily used for gambling, or a store the principal business of which is the sale of alcoholic beverages for consumption off premises. 8. A public hearing was conducted on November 30, 2009, at City Hall, located at 1245 West Highway 96 in the City, pursuant to Minnesota Statutes, Section 469.154, Subdivision 4, to consider the proposal that the City undertake and finance the Project. A draft copy of the "Application for Approval of Industrial Development Bond Project Pursuant to Minnesota Statutes, Sections 469.152 through 469.165" with attachments was available for public inspection. All interested parties were afforded an opportunity to express their views.