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The completed Fire Station will be leased to the City under a lease with <br />option to purchase agreement. <br /> <br />D. Financing Plan <br /> <br />1. Project Budget <br /> <br />Attached hereto as Exhibit B is a budget which details estimated <br />development costs associated with the Redevelopment Project and <br />any other public improvements currently contemplated. The items <br />of cost and the costs thereof shown in the budget are estimated to <br />be necessary based upon information now available. It is <br />anticipated that the items of cost and the costs thereof shown in <br />each category in the budget may decrease or increase, but that the <br />total project cost will not exceed the amount shown above. <br /> <br />Source of Funds and Security <br /> <br /> In 'connection with the Fire Station the City is entering into the <br /> lease with option to purchase agreement with the EDA pursuant to <br /> Minnesota Statutes, Section 465.71. The lease with option to <br /> purchase agreement is payable from general sources including <br /> taxes, and its payment is not limited to a specific fund or specific <br /> source of revenues. Sources of funds for redevelopment costs and <br /> other public improvements include rates and charges, assessments <br /> and other available funds of the EDA or City. <br /> <br />3. Bond Issue Details <br /> <br />The EDA will issue approximately $1,665,000 in public project <br />revenue bonds to finance the Fire Station. No other bonding has <br />currently been structured to finance costs of any other public <br />improvements. <br /> <br />Development Standards <br /> <br />The EDA will consider among other things, the following factors when evaluating <br />development proposals for projects within the Redevelopment Area seeking <br />public assistance and support: <br /> <br />1. Degree to which redevelopment objectives are provided for or enhanced. <br /> <br />2. Consistency with this plan and the Ramsey Comprehensive Plan. <br /> <br />Environment Controls <br /> <br /> <br />