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3. Based on an estimated total cost of acquisition and construction <br />of $ 1,350,000.00 , it is the opinion of the Council that the Project, <br />when completed, will add significantly to the commercial and industrial <br />tax base of the City and /or the County and School District in which the <br />City is located. <br />4. Representatives of the Company estimate that, as a result of <br />the acquisition and construction of the Project, the Company will employ <br />approximately 3 persons (in addition to those currently employed <br />by the Company), in the City and the surrounding area. The Council is <br />concerned about the level of unemployment in the City and surrounding <br />area and the resulting movement of persons to other areas where jobs <br />are more plentiful, and believes that the existence of the Project in <br />the City would help alleviate those problems. <br />5. Representatives of the Company estimate that the acquisition <br />and construction of the Project will result in a (an additional) payroll <br />of approximately $ 40,000.00 , based on wage rates currently in <br />effect. The Council believes that a substantial percentage of that <br />(additional) payroll will be spent on housing, food and other goods <br />and services in the City and surrounding area, thus benefiting the <br />local housing industry and local merchants. <br />6. The Council has reviewed the preliminary plans and drawings for <br />the Project (which have also been reviewed by the City Engineer) and <br />believes that the Project, when completed, will be compatible with <br />present and projected development in its area. <br />- 2- <br />7 4 <br />