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WHEREAS, Lake Johanna Fire Department's Board of Directors authorized the Fire <br /> Chief to negotiate and execute a letter of intent to purchase the property from Bethel University; <br /> and <br /> WHEREAS, in early April 2020, Lake Johanna Fire Department and Bethel University <br /> executed a letter of intent to purchase the Property for a purchase price of$1.35 million; and <br /> WHEREAS, the letter of intent also requires Lake Johanna Fire Department to <br /> contribute one third of the cost,up to a maximum of$325,000, to relocate an access road on the <br /> Property; <br /> WHEREAS, the purpose of this agreement is to define each City's responsibilities for <br /> the Lake Johanna Fire Department's purchase of the Property and the construction of <br /> improvements on the Property ("the Project"); and <br /> WHEREAS,the new fire station would be owned and operated by the Lake Johanna Fire <br /> Department to serve the three contract cities of Arden Hills,North Oaks, and Shoreview,the <br /> Parties. <br /> AGREEMENT <br /> NOW,THEREFORE, in consideration of the mutual undertakings herein expressed,the <br /> City of Shoreview,the City of Arden Hills, and the City of North Oaks agree as follows: <br /> 1 Term of Agreement <br /> 1.1 Effective date: This Agreement and any amendments thereto shall be in full force and <br /> effect upon the filing of a certified copy of the resolution approving this Agreement by <br /> each City. Said resolutions shall be filed with the Shoreview City Attorney who shall <br /> notify each City in writing of its effective date. <br /> 1.2 Expiration date: This Agreement expires upon the Bond, issued pursuant to <br /> paragraph 2.3, being repaid in full. <br /> 2 Agreement between the Parties <br /> 2.1 Cost. The cost of the land purchase, access road relocation, and property <br /> improvements of the Property will be funded by a $300,000 contribution from the Lake <br /> Johanna Fire Department and by contributions from each City allocated proportionally <br /> through the current cost share agreement for fire department operations and capital costs. <br /> 2.2 Cost share formula. The cost share formula will be used to allocate each City's <br /> contribution for the land acquisition, and is currently defined as 25%population, 25% <br /> households,40% fire calls, and 10% assessed value. <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 the following method: <br /> 2 <br />