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3. Replacement Fire Station Land. The Replacement Fire Station Land shall be <br /> located at 340 Willow Drive, Orono, 1Vlinnesota. It is estimated that the Replacement <br /> Fire Station will require approximately three acres. The property shall be surveyed and <br /> a separate legal description prepared for the three acres upon which the replacement fire <br /> station shall be situated. The costs of surveying and obtaining the new legal description <br /> shall be paid out of the MnDOT settlement. The land will remain in Orono and Long <br /> Lake agrees to execute a covenant in recordable form to be prepared by Orono in which <br /> Long Lake agrees that it will not seek annexation of the land into the City of Long <br /> Lake. Orono shall take whatever reasanable action is necessary to apply for and obtain <br /> a property tax exemption for the replacement fire station land. <br /> The Replacement Land shall be owned jointly by Long Lake and Orono. A <br /> deed shall be prepared identifying Long Lake and Orono as joint owners which shall be <br /> executed and recorded at the sole expense of Orono. Initially, the ownership interests <br /> � shall be 60 percent to Orono, and 40 percent to Long Lake. The ownership interests <br /> sh�I� change on a yearly basis, effective December 31, over the course of 20 years; so <br /> that at the end of 20 years the ownership interests shall be 50 percent Long Lake and 50 <br /> percent Orono. The interests of each shall change each year at the end of each year, <br /> commencing with December 31, 2001, at the rate of one-half of one percent to a total <br /> of 10 percent at the end of 20 years (December 31, 2020). <br /> 4. Replacement Fire Station. The Replacement Fire Station shall be located at 340 <br /> Willow Drive, Orono, Minnesota. It shall be identified as the Long Lake Fire Station <br /> 3 <br />