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ARDEN HILLS CITY COUNCIL WORK SESSION — APRIL 8, 2024 5 <br />Mayor Grant stated he supported the City issuing its own debt for this project because this <br />would give the City more control over the project. <br />Councilmember Rousseau questioned what the cost to the City would be to bond for this <br />proj ect. <br />Mayor Grant estimated the cost to the City would be roughly $30,000. <br />Councilmember Rousseau asked if the City were to go the individual route, would Shoreview <br />and North Oaks follow suit. <br />Councilmember Monson anticipated Shoreview and North Oaks would support this option <br />because there was no big financial swing one way or another. She believed it was important for <br />the City to maintain flexibility when it comes to repayment options. <br />Councilmember Holden stated the Council may have more opportunities in the future if the City <br />were to bond the entire project. <br />Councilmember Monson agreed. <br />Mayor Grant discussed how interest rates may come down in the future and noted it may benefit <br />the City to hold its own bonds for this project. <br />Councilmember Holden questioned if how much the City would owe for the station would <br />continue to be pro -rated. <br />City Administrator Perrault reported this was a complicated question. He indicated he could <br />not speak to how much the City would owe five or ten years from now. He discussed how this <br />would vary based on the formula. <br />Councilmember Holden stated she supported the City bonding for its own portion of the project. <br />Councilmember Fabel asked if the fire board had a preference for the bonding. <br />Councilmember Monson did not believe the fire board had a preference and understood the City <br />of Shoreview does not want to carry a single bond for this project. <br />Mayor Grant requested Councilmember Monson take a closer look at the proposed costs for the <br />fire station and to see if the size of the project had grown. <br />Councilmember Holden questioned if the fire board had reached out to Betty McCollum to <br />request funds for the fire station. <br />Councilmember Monson stated she could reach out to Betty McCollum regarding this matter. <br />Council consensus was for the City to bond for its own portion of the fire station project. <br />3D. Franchise Fee Discussion — April 20 Open House <br />