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THIS MEMORANDUM OF UNDERSTANDING is made and entered into this day <br />of , 2013, by and between the County of Anoka, a political subdivision <br />of the State of Minnesota, 2100 Third Avenue, Anoka, Minnesota 55303, hereinafter referred <br />to as "County ", and the City Ramsey, 7550 Sunwood Dr. NW, Ramsey, MN 55303, hereinafter <br />referred to as the "City ". <br />I. PURPOSE <br />II. METHOD <br />MEMORANDUM OF UNDERSTANDING <br />FOR FINANCING THE CONSTRUCTION <br />OF A HIGHWAY INTERCHANGE AT <br />THE INTERSECTION OF CSAH 83 AND US 10 <br />IN THE CITY OF RAMSEY <br />WITNESSETH <br />WHEREAS, the parties to this agreement agree it is in the best interest of the public to <br />construct a highway interchange at the intersection of CSAH 83 (Armstrong Blvd.) and US <br />Highway No. 10, in the City of Ramsey (" Interchange Project "); and <br />WHEREAS, the City of Ramsey has already made financial contributions toward the <br />project of $7,059,700 that included the construction of approach roads and intersection, extension <br />of a frontage road, property acquisition and design; and <br />WHEREAS, the parties to this agreement consider it mutually desirable to share the cost <br />of construction of the Interchange Project as hereinafter provided; and <br />WHEREAS, Minn. Stat. § 471.59 authorizes political subdivisions of the state to enter into <br />joint powers agreements for the joint exercise of powers common to each. <br />NOW, THEREFORE, IT IS MUTUALLY STIPULATED AND AGREED: <br />The parties have joined together for the purpose of defining each party's financial <br />obligation relating to the construction of the Interchange Project. It is estimated that the cost to <br />construct the Interchange Project is $35,510,000.00, and that the possible sources of funds to pay <br />the cost thereof is identified in the attached Exhibit A. <br />The County and the City shall work diligently together and independently to secure the <br />necessary funds from the sources identified in Exhibit A to construct the Interchange Project. If <br />for any reason any of the funds identified in Exhibit A cannot be obtained, then the County and <br />1 <br />