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