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City for their portion of the debt service payment based on the cost formula at the <br />time of bonding. Should a station be constructed in the allotted timeline for <br />reimbursement of the land acquisition costs, Arden Hillsthe City will include the land <br />acquisition costs in the financing and each City will be repaid via the financing <br />proceeds for their portion of the land acquisition. If the Station is not constructed in <br />the time frame that is necessary to include the property acquisition costs as part of the <br />financing, each city will be responsible for their proportionate share of the property <br />acquisition costs in accordance with the cost share formula in effect at the time. <br /> <br />or <br /> <br />Each City will be responsible for providing their financial contribution, bond <br />proceeds or otherwise, when needed for the construction of a new station. <br /> <br />2.4 Bond repayment. The bond issue will be repaid through annual appropriations by <br />each City consistent with the cost share formula at the time of the bond issuance. Should <br />one city bond for the entire project, the annual payment for debt service from the other <br />cities will not be recalculated based on an updated formula in subsequent years. <br />calculated and adjusted annually to account for growth and development in each City. <br /> <br />2.5 Station Construction. Station construction will begin no later than June 30, 2025, <br />unless an alternative date is mutually agreed upon by all three citiesbegin upon the <br />unanimous consent of the parties. . <br /> <br />2.6 Development Approvals. The City of Arden Hills will review the proposed project <br />as part of its normal development process. <br /> <br />2.7 Municipal Fees. The City of Arden Hills will charge its customary development fees <br />unless the City of Arden Hills chooses to waive any of the said fees; these fees <br />include, but are not limited to, Metropolitan Council WAC/SAC, local WAC/SAC, <br />building permit and plan review, and park dedication fees. At the discretion of the <br />Parties, those fees may also be included in the Station financing or allocated per the <br />cost share formula. <br /> <br />2.7 Should the Lake Johanna Fire Department no longer serve the City of Arden Hills or <br />no longer use, occupy, or otherwise cease to operate in the fire station, the City of <br />Arden Hills will have the option to reimburse the other two cities, Shoreview and <br />North Oaks, for their respective contributions to the purchase of the land, <br />construction of the fire station, and any applicable capital improvements to the <br />station plus inflation as measured by the Consumer Price Index (CPI) and take <br />ownership of the land and associated buildings. <br /> <br />3 <br /> <br />