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CO. RD. II6/Rl~ <br />BRIDGE FI~tANCING AGREEH]gNT <br /> <br /> This Agreement is made and entered into this day of , 198_, <br /> <br /> by and between Anoka County, Minnesota, a public body corporate and politic <br /> <br /> (County); and the City of Ramsey, a Minnesota municipal corporation (City). <br /> WITNESSETH: <br /> <br /> WHEREAS, the County and the City wish to provide for the early <br /> construction of certain roadway and bridge work on Co. Rd. 116 and over the <br /> Rum River, which work will be partially within the City and partially outside <br /> of the City; and <br /> <br /> WHEREAS, the County is responsible for the cost of the work but does not <br /> currently have sufficient funds available to complete the work; and <br /> <br /> WHEREAS, the City is willing to lend to the County the funds necessary to <br /> complete a portion of the work within the City. <br /> <br /> NOW, THEREFORE, in consideration of the foregoing and of the mutual <br /> covenants and obligations set forth herein, the parties agree as follows: <br /> <br /> ARTICLE I. Statutory Authority. This Agreement is made by the parties <br />pursuant to Minnesota Statutes, Section 471.59. <br /> <br /> ARTICLE II. Nature of the Construction Project. The parties intend to <br />facilitate the construction of approximately 1.27 mile~ of Co. RY. 116 from <br />its current western terminus in the City of Anoka to the intersection of T.H. <br />47 in the City. The roadway will involve a bridge crossing of the Rum River <br />and require a span over the main channel and a second span over the Oxbow <br />channel (collectively, the Project). Plans and specifications for the Project <br />will be prepared by the County and submitted to the City for approval and will <br />be attached hereto as Exhibit A. Current estimated total cost of the Project <br />is $4,200,000. <br /> <br /> <br />