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The EDA proposes to cause to be constructed and <br />equipped the F~re ~a~ion ~n~, ~ ~p~op=±~, <br />other public improvements within the Redevelopment <br />Area. <br /> <br />The completed Fire Station will be leased to the <br />City under a lease with option to purchase <br />agreement. <br /> <br />Financing Plan <br /> <br />Project Budget <br /> <br />Attached hereto as Exhibit B is a budget <br />which details estimated development costs' <br />associated with the Redevelopment Project and <br />any other public improvements currently <br />contemplated. The items of cost and the <br />costs thereof shown in the budget are <br />estimated to be necessary based upon <br />information now available~ It is anticipated <br />that the items of cost and the costs thereof <br />shown in each category in the budget may <br />decrease or increase, but that the total <br />project cost will not exceed the amount shown <br />above. <br /> <br />Source of Funds and Security <br /> <br />In connection with the Fire Station the City <br />is entering into the lease with option to <br />purchase agreement with the EDA pursuant to <br />Minnesota Statutes, Section 465.71. The ' <br />lease with option to purchase agreement is ' <br />payable from general sources including taxes, <br />and its payment is not limited to a specific <br />fund or specific source of revenues. Sources <br />of funds for redevelopment costs and other <br />public improvements include rates and <br />charges, assessments and other available <br />funds of the EDA or City. <br /> <br />Bond Issue Details <br /> <br />The EDA will issue approximately $1,665,000 <br />in public project revenue bonds to finance <br />the Fire Station. No other bonding has <br />currently been structured to finance costs of <br />any other public improvements. <br /> <br />3.0~05~8 .~ <br /> <br /> <br />