Laserfiche WebLink
Attachment A <br />Term Sheet for Financing New Fire Station, Lake Johanna Fire Department <br />1. Parties: City of Arden Hills, City of North Oaks, City of Shoreview, Lake Johanna Fire <br />Department Headquarters Board <br />2. Project: construction of fire station and department headquarters on property located in the <br />City of Arden Hills (the "Project") <br />3. Financing Details: $6,600,000 available in State bonding, with remaining funding to be <br />provided by the Cities, pursuant to the terms of the Joint Powers Agreement dated <br />, 2021, which created the Lake Johanna Fire Department Headquarters Joint <br />Powers Board (the "Headquarters JPA") <br />4. Obligations of Lake Johanna Fire Department Headquarters Joint Powers Board: provide <br />property where the Project will be constructed <br />5. Obligations of City of Arden Hills: <br />a. Comply with all terms and conditions of the HeadquartersNJPA <br />b. Amend City CIP to include the Project <br />c. Enter into repayment agreement with North Oaks and Shoreview <br />d. Issue Capital Improvement Bonds for full project amount over $6,600,000, as provided <br />in Section 2.3 of the Headquarters JPA <br />e. Comply with all terms and conditions related to repayment of Capital Improvement <br />Bonds <br />6. Obligations of City of North Oaks: <br />a. Comply with all terms and conditions of the Headquarters JPA <br />b. Amend City CIP to include the Project <br />c. Enter into repayment agreement with Arden Hills and Shoreview <br />d. Provide General Obligation note to Arden Hills for repayment of North Oaks' <br />proportional share of Capital Improvement Bonds issued by the City of Arden Hills <br />e. Make annual payments to Arden Hills for North Oaks' proportional share, pursuant to <br />the formula provided in Section 2.2 of the Headquarters JPA <br />7. Obligations of City of Shoreview: <br />a. Comply with all terms and conditions of the Headquarters JPA <br />b. Amend City CIP to include the Project <br />c. Enter into repayment agreement with Arden Hills and North Oaks <br />d. Provide General Obligation note to Arden Hills for repayment of Shoreview's <br />proportional share of Capital Improvement Bonds issued by the City of Arden Hills <br />e. Make annual payments to Arden Hills for North Oaks' proportional share, pursuant to <br />the formula provided in Section 2.2 of the Headquarters JPA <br />229983v1 <br />