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equip and to lease an approximately 14,000 square foot addi- tion to an existing manufacturing facility and to improve por- tions of the existing facility. The construction work will include a building addition, remodeling of specific interior portions of the existing building, revised and added paving for driveways and parking and landscaping along the Fairview Avenue frontage. The construction period is anticipated to be from March 1, 1984 to August 1, 1984. A legal description of the property has been supplied as follows: The Southeast 1/4 of the Northwest 1/4 except the North 66 feet thereof, also the Northeast 1/4 of the Southwest 1/4 except part conveyed in 1824 Ramsey County Records 238, entry #91 hereof, all in Section 9, Township 29, Range 23. Subject to highways and easements of record. 4. Cost Breakdown: The applicant has supplied the following cost breakdown: Acquisition, reconstruction, improvement, betterment, or extension of project Construction Costs Equipment Acquisition and Installation Fees: Architectural, engineering, inspection, fiscal, legal, adminis- tration, or printing Interest accrual during construction Ini tial bond' reserve Contingencies Bond Discount Other TOTAL: $ 50,000 500,000 175,000 75,000 25,000 N/A 50,000 N/A $875,000 Further breakdowns of the various categories are also avail- able. In addition, any and all city expenses, unpaid assess- ments or assessments pending but not yet levied will have to be ascertained and paid at the time of closing in accordance with the City's policy. 5. Economic Factors: It is estimated that there will be approximately 50 new jobs created by the project at an annual payroll of approxi- mately $1,000,000 based on currently prevailing wages. 6. Financing: Tax exempt industrial revenue financing over a 15 to 20 year term is contemplated at an interest rate of 9.5%. The note will be purchased by Norwest Bank University-Midway, N. A. -2-