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receipt of a notice of intent to withdraw, the <br /> Administrative Committee shall make all the necessary <br /> arrangements to sell or dispose of the firefighting <br /> equipment and land or buildings acquired pursuant to this <br /> Joint Powers Agreement. The Cities shall obtain an <br /> appraisal of the firefighting equipment and land and <br /> buildings acquired pursuant to this Joint Powers Agreement <br /> to determine the depreciated value of the Property. If the <br /> Cities cannot agree on the appointment of an appraiser, the <br /> Chief Judge of the Tenth Judicial District shall appoint <br /> the appraiser. The appraised assets shall be disposed of <br /> in the following priority: <br /> 1. In the event that the remaining two Cities intend <br /> to continue to participate in this Agreement, the <br /> remaining Cities would purchase the interest of the <br /> withdrawing City and proportionately share the cost of <br /> purchase. For example, if Spring Lake Park withdrew, <br /> Blaine's current ownership interest is 64 . 36% and <br /> Mounds View's is 22 . 08%. Therefore Blaine would be <br /> responsible for 64 . 36/86. 44, or 74 . 46% of the <br /> purchase, and Mounds View would be responsible for <br /> 22 . 08/86.44 , or the remaining 25.54% of the buy out <br /> The remaining Cities, shall, within 90 days of the <br /> date of the termination of this Agreement, or pursuant <br /> to a mutually agreed upon payment schedule, pay the <br /> withdrawing City its share of the appraised value of <br /> the Property. <br /> 2 . If one City withdraws and either one of the <br /> remaining Cities does not wish to participate in the <br /> purchase of the withdrawing City's share, as described <br /> in paragraph 1, the failure to participate shall be an <br /> election by that City to also withdraw. The remaining <br /> City can then either elect to liquidate the Property, <br /> or elect to purchase the share -of the withdrawing <br /> Cities. In the event of a purchase, the remaining <br /> City shall, within 90 days of the date of termination <br /> of this Agreement, or pursuant to a mutually agreed <br /> upon payment schedule, pay the withdrawing Cities <br /> their share of the appraised value of the Property. <br /> 3 . If none of the Cities wish to purchase the <br /> Property, the Property shall be sold. Any <br /> distribution of the proceeds of the disposition of any <br /> Property and the return of any other assets arising <br /> pursuant to this Agreement shall be made to each of <br /> the Cities in proportion to its Historical Share as it <br /> exists at the time of such disposition. <br /> -4- <br />