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3 <br />2.3 Bond issuance. At the time financing is needed for the construction of a new station, <br />the financing will be provided by one of the two following methods: <br /> <br />Should all three cities mutually agree, the City of Arden HillsUnless otherwise <br />unanimously agreed upon, one of the Parties cities will provide financing for the cost <br />to construct a station (the “Financer City”), including any costs associated with the <br />financing, and each city of the other Parties will annually reimburse the City of Arden <br />Hillsthat the Financer City for their its portion of the debt service payment based on <br />the cost formula. Should a station be constructed in the allotted timeline for <br />reimbursement of the land acquisition costs, Arden Hillsthe Financer City will <br />include the land acquisition costs in the financing and each PartyCity will be repaid <br />via the financing proceeds for their portion of the land acquisition. If the Station is <br />not constructed in the time frame that is necessary to include the property acquisition <br />costs as part of the financing, each Partycity will be responsible for their <br />proportionate share of the property acquisition costs in accordance with the cost share <br />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 Party consistent with the cost share formula calculated and adjusted annually to <br />account for growth and development in each respective City. <br /> <br />2.5 Station Construction. Station construction will begin no later than June 30, <br />20252026, unless an alternative date is mutually unanimously agreed upon by all the <br />Partiesthree cities. <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 />