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Plan. <br />2. Relocation <br />It is not expected that any persons will be displaced as a result of this Redevelopment <br />Plan. <br />Project <br />The EDA proposes to cause to be constructed the Project on property within the <br />Redevelopment Area. Upon completion, the Project will serve as the primary fire <br />station for the City. Operations will move from the current location adjacent to the City <br />Hall. <br />D. Financing Plan <br />Project Budget <br />The table below proposed budget for the Project. <br />Project Costs $1,100,000 <br />Finance Expense 23,400 <br />Discount 18,600 <br />Capitalized Interest 23,000 <br />Total Funding $1,165,000 <br />The items of cost and the costs thereof shown above are estimated to be necessary based <br />upon the qualified appraisers, consultants, legal and cost information now available. It <br />is anticipated that the items of cost and the costs thereof shown in each category above <br />may decrease or increase, but that the total project cost will not exceed the amount <br />shown above. <br />2. Source of Funds and Security <br />The City is entering into the lease with option to purchase agreement with the EDA <br />pursuant to Minnesota Statutes, Section 465.71. The lease with option to purchase <br />agreement is payable from general sources including taxes, and its payment is not <br />limited to a specific fund or specific source of revenues. <br />3. Bond Issue Details <br />The Authority will issue approximately $1,165,000 in Bonds. The Bonds would <br />mature in the years 2000 through 2014. <br />Redevelopment Plan For Redevelopment Project Area No. i Page 4 <br />