Title
Authorizing a Non-Lender Subordination Agreement in connection with the Environmental Covenant for the United Village MLS Site.
Body
WHEREAS, the owners of the properties comprising the United Village Major League Soccer site located at the northeast corner of Saint Anthony Avenue and Snelling Avenue North in Saint Paul (the "MLS Site") are required by law to execute an environmental covenant ("Covenant") to document the owners' actions to remove environmental hazards from the MLS Site through an environmental response project administered by the Minnesota Pollution Control Agency's Voluntary Investigation and Cleanup Program and Petroleum Brownfields Program; and
WHEREAS, the City of Saint Paul ("City"), as leaseholder to a portion of the property within the MLS Site located at 400 Snelling Avenue North and owned in fee by the Metropolitan Council, is required to be a party to the Covenant; and
WHEREAS, the City acknowledges the obligations of each owner of the property subject to the Covenant and agrees to subordinate its interests in the MLS Site to the Covenant by executing a non-lender subordination agreement ("NLSA"), attached hereto as Exhibit A; now, therefore, be it
RESOLVED, that the Mayor and City Council hereby authorize the proper City officials to execute said NLSA and file it with the Ramsey County Office of the Recorder and/or Registrar of Titles.