09-20-21-WS - Laserfiche WebLink

Home Browse Search

3 financing and each City will be repaid via the financing proceeds for their portion of the land acquisition. If the Station is not constructed in the time frame that is necessary to include the property acquisition costs as part of the financing, each city will be responsible for their proportionate share of the property acquisition costs in accordance with the cost share formula in effect at the time. 2.4 Bond repayment. The bond issue will be repaid through annual appropriations by each City consistent with the cost share formula calculated and adjusted annually to account for growth and development in each City. 2.5 Station Construction. Station construction will begin no later than June 30, 2026, unless an alternative date is unanimously agreed upon by all three cities. 2.6 Development Approvals. The City of Arden Hills will review the proposed project as part of its normal development process. 2.7 Should the Lake Johanna Fire Department no longer serve the City of Arden Hills or no longer use, occupy, or otherwise cease to operate in the fire station, the fire station, at the discretion of the Board, may be used by a successor organization that provides fire protection to all the cities. Should no acceptable successor organization be identified the City of Arden Hills will have the option to reimburse the other two cities, Shoreview and North Oaks, for their respective contributions to the purchase of the land, construction of the fire station, and any applicable capital improvements to the station plus inflation as measured by the Consumer Price Index (CPI) and take ownership of the land and associated buildings. 2.8 If the Project does not move forward and the station is not constructed pursuant to paragraph 2.5, the City of Arden Hills will have the option to reimburse the other parties for their direct cost to acquire the land and any costs associated with the Project, and take ownership of the land. Should the City of Arden Hills not exercise this option, the land may be sold and the proceeds will be divided amongst the Cities and fire department based on their direct costs for the land purchase and the Project. 2.9 Termination. This Agreement shall terminate either upon repayment of all bonds/obligations issued pursuant to paragraph 2.3 OR upon a unanimous vote of all Board members. 3 Assignment, Amendments, Waiver, and Contract Complete 3.1 Assignment. No party may assign nor transfer any rights or obligations under this Agreement.