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