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<br />. <br /> <br />(Partnership's Letterhead) <br /> <br />, 1985 <br /> <br />City of Elk River <br />City Hall <br />Elk River, Minnesota <br /> <br />RE: $400,000 City of Elk River, Minnesota Industrial <br />Development Revenue Bonds (Jay Morrell & John <br />Plaistad Partnership Project) <br /> <br />. Dear Sir or Madam: <br /> <br />We submit herewith a draft Application to the Minnesota <br />Department of Energy and Economic Development and draft exhibits <br />thereto in connection with a project under the Minnesota Muni- <br />cipal Industrial Development Act, Chapter 474, Minnesota Statutes <br />(the "Act"). We request that the City undertake and finance the <br />Project pursuant to the Act. As a first step, we request that <br />the City Council give preliminary approval to the Project, after <br />published notice and public hearing as required by the Act, and <br />submit the Application to the Minnesota Department of Energy and <br />Economic Development for the approval as required by the Act. <br /> <br />We represent to you that the statements in the draft <br />Application and exhibits are accurate, to the best of our infor- <br />mation and belief. As indicated, we believe that the ProJect <br />upon completion, will create approximately 16 new jobs at an <br />annual payroll of approximately $210,000, based upon currently <br />prevailing wages. We represent to you that the Project as <br />proposed would not be undertaken by the Partnership but for the <br />availability of industrial development bond financing. <br /> <br />We agree to pay any and all reasonable costs incurred <br />by the City in connection with the Project, including but not <br />limited to items of Project costs, whether or not the Project is <br /> <br />. <br />