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Unless otherwise unanimously agreed upon, one of the Parties will provide financing <br /> for the cost to construct a station (the "Financer City"), including any costs associated <br /> with the financing, and each of the other Parties will annually reimburse t the <br /> Financer City for its portion of the debt service payment based on the cost formula. <br /> Should a station be constructed in the allotted timeline for reimbursement of the land <br /> acquisition costs,the Financer City will include the land acquisition costs in the <br /> financing and each Party will be repaid via the financing proceeds for their portion of <br /> the land acquisition. If the Station is not constructed in the time frame that is <br /> necessary to include the property acquisition costs as part of the financing, each Party <br /> will be responsible for their proportionate share of the property acquisition costs in <br /> accordance with the cost share formula in effect at the time. <br /> 2.4 Bond repayment. The bond issue will be repaid through annual appropriations by <br /> each Party consistent with the cost share formula calculated and adjusted annually to <br /> account for growth and development in each respective City. <br /> 2.5 Station Construction. Station construction will begin no later than June 30, 2026, <br /> unless an alternative date is unanimously agreed upon by the Parties. <br /> 2.6 Development Approvals. The City of Arden Hills will review the proposed project <br /> as part of its normal development process. <br /> 2.7 Option to Acquire. Should the Lake Johanna Fire Department no longer serve the <br /> City of Arden Hills or no longer use, occupy, or otherwise cease to operate in the fire <br /> station, the fire station, at the discretion of the JPA,may be used by a successor <br /> organization that provides fire protection to the Parties. Should no acceptable <br /> successor organization be identified the City of Arden Hills will have the option to <br /> reimburse the other two Parties,the Cities of Shoreview and North Oaks, for their <br /> respective contributions to the purchase of the Property, construction of the fire <br /> station, and any applicable capital improvements to the station plus inflation as <br /> measured by the Consumer Price Index (CPI) and take ownership of the land and <br /> associated buildings. <br /> 2.8 Project Abandonment, Option. If the project does not move forward and the station <br /> is not constructed, the City of Arden Hills will have the option to reimburse the other <br /> Parties for their direct cost to acquire the land and take ownership of the land. Should <br /> the City of Arden Hills not exercise this option, the land shall be sold if 2/3 of the <br /> parties agree and the proceeds will be divided amongst the Parties and fire department <br /> based on their initial direct cost for the land purchase of the Property. <br /> 3 <br />