Agenda Packets - 1993/11/01 - Laserfiche WebLink

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e. The 1990 United States census will be used in calculating the formula initially and through the year 19.95. Based on this data, the proportionate share of net operating cost to be funded by the four cities is as follows': i. Fridley: 42.424% U. New Brighton: 33.106015 Hi. Mounds View: 15.900% iv. Spring Lake Park: 8.570% 2. Approval of Annual Funding Requests by Cities: a. Funding requests for any calendar year shall be binding on all four cities when they are approved by a majority of the cities that are party to this agreement, subject to the qualification(s) found in section 2, b below. b. Whenever funding requests for any calendar year exceed the sum of the previous year's request plus the amount of growth in the Consumer Price Index for the Twin Cities metropolitan area during the previous calendar year, the requests must be approved by all of the cities that are party to this agreement. 3. Debt Service: a. The cities of new Brighton and Fridley agree to provide financing for the construction of the regional senior center on a shared basis. Fridley agrees to contribute 60 percent of costs of . construction; New Brighton agrees to contribute 40 percent of the cost for construction. b. Debt service on this financing shall be paid at the rate of seven percent for a term of twenty years. C. In calculating each city's annual contribution to the operating and debt service costs if the regional senior center, the net values assessed against Fridley and New Brighton will reflect credit for the financing of the senior center construction by these two cities. The amount of credit given to these cities is derived by multiplying each city's contribution to construction by the constant associated with seven percent interest for twenty years. ' See Appendix J.