2001 - Contract for joint ownership

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reimbursement for the cost of the Replacement Land, and all accrued interest, then Long Lake and Orono shall share equally in the cost of any additional shortfall for the cost to design and construct the Replacement Fire Station. The Replacement Fire Station shall be owned jointly by Long Lake and Orono. Initially, the ownership interests shall be 60 percent to Long Lake, and 40 percent to Orono. The ownership interests shall change on a yearly basis, over the course of 20 years; so that at the end of 20 years the ownership interests shall be 50 percent Long Lake and 50 percent Orono. The interest shall change each year at the end of each calendar year, commencing with December 31, 2001 at the rate of one-half of one percent to a total of 10 percent at the end of 20 years (December 31, 2020). 5. Joint Fire Station Construction Committee. The cities of Long Lake and Orono shall appoint three representatives from each community to serve as representatives for the Joint Fire Station Construction Committee (Joint Committee). The Fire Chief of the Long Lake Fire Department will serve as a non-voting advisory member. a. A Joint Fire Station Construction Committee (Joint Committee) shall be established which shall consist of three representatives of Long Lake and three representatives of Orono who shall be appointed by the City Councils of the respective cities. The City administrators from each City shall serve as representatives on the Joint Committee. The Fire Chief of the Long Lake Fire Department shall serve as a non-voting advisory member of the Joint Fire Station Construction Committee, unless appointed as one of the 3 voting members by either City. A City of Medina representative shall serve as a non-voting member of the Joint Committee. The City Administrators of Orono and Long Lake shall jointly chair the Joint Committee. Meetings of the committee shall be called by the chair or by a member of the committee making a request 5