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ARDEN HILLS CITY COUNCIL WORK SESSION – JUNE 15, 2020 5 <br /> <br />Councilmember Holmes supported the percentages being set on the day the money is borrowed <br />and that the amount remain fixed. She did not believe it was normal for the amount to remain in <br />flux over the life of the bond issuance. <br /> <br />Councilmember Holden agreed the City should know what its annual bond payment would be. <br />She questioned how Section 2.2 could be amended. <br /> <br />City Administrator Perrault suggested the cost share formula apply to the land and the formula <br />for the station construction could be addressed in the future JPA. <br /> <br />Mayor Grant reported the other two cities would likely not be bonding for the land acquisition. <br /> <br />City Administrator Perrault reported this was the case. <br /> <br />Mayor Grant questioned why the Council was arguing over the bonding for the land when this <br />wasn’t going to happen. <br /> <br />The Council commented further on the bonding for the land and future fire station. <br /> <br />City Administrator Perrault suggested all references to the cost sharing formula be removed <br />from the agreement. The Council supported this recommendation. <br /> <br />City Administrator Perrault asked if the Council wanted the cost-sharing agreement at the time <br />of the bonding define the fees paid for the construction of the station. <br /> <br />Councilmember McClung supported the City locking in the percentage at the time of the <br />bonding. <br /> <br />Mayor Grant recommended the City of Arden Hills have the right to own the building in the <br />future, through a reimbursement to the other cities. He also supported City Administrator <br />Perrault’s recommendation to have the percentage locked in when bonding was secured for the <br />future fire station. <br /> <br />Councilmember Holmes stated she did not understand why the City would want to purchase this <br />building. <br /> <br />Councilmember McClung believed that should the Lake Johanna Fire Department no longer be <br />viable the City should have the option to purchase the space. <br /> <br />Councilmember Holmes recommended the building then be purchased at the fair market value <br />and not what each City has invested into the building. <br /> <br />Councilmember Holden suggested the Mayor speak with the City Attorney in order to draft <br />language to properly address the purchase of the building. <br /> <br />City Administrator Perrault summarized the corrections that were proposed to the agreement. <br />