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(LETTERHEAD OF NORTHWESTERN COLLEGE) <br />2009 <br />Mark Lofthus <br />Minnesota Department of Employment <br />and Economic Development <br />Business and Community Development Director <br />1 St National Bank Building <br />332 Minnesota Street, Suite E200 <br />St. Paul, Minnesota 5 5101-13 51 <br />$990009000 <br />City of Arden Hills, Minnesota <br />Educational Facilities Revenue Notes <br />(Northwestern College Project) <br />Series 2009 <br />We have formally considered the economic feasibility of the above -referenced Notes (the <br />"Notes") to be issued under the provisions of Minnesota Statutes, Section 469.152 to 469.1651, as <br />amended, to provide funds for a proposed project by Northwestern College, a Minnesota nonprofit <br />corporation. Proceeds of the Notes shall be applied to finance the construction and equipping of an <br />approximately 70,000 square foot facility, which will provide new dining facilities, an expanded campus <br />store, student lounges, study areas, office space for student organizations, classrooms, and meeting <br />spaces, to be located in the City. The aggregate face amount of the revenue Notes proposed to be issued <br />to finance the Project is presently estimated not to exceed $9,000,000. <br />Northwestern College will be privately placing the above -referenced Notes with friends and <br />alumni of the College. We have already obtained sufficient pledges to purchase the full principal amount <br />of the Notes. <br />NORTHWESTERN COLLEGE <br />M1 <br />Its <br />