Title
Authorizing an agreement to terminate an existing operations and maintenance agreement between the 3M Company and the City of Saint Paul as a condition of a 2005 vacation of streets and alleys on 3M's former property in Saint Paul.
Body
WHEREAS, the City of Saint Paul ("City") and 3M Company ("3M") previously entered into that certain 3M Saint Paul Campus Operations and Maintenance Agreement ("O&M Agreement"), dated as of April 17, 2007 and recorded in the Ramsey County Recorder's Office and Registrar of Titles Office on May 25, 2007 as Document Nos. 4031590 and 2006069, respectively, and attached hereto as Exhibit A, which agreement establishes certain rights and obligations with respect to a 2005 vacation of streets and alleys within the former 3M-owned property located in the City of Saint Paul; and
WHEREAS, the Port Authority of the City of Saint Paul (the "Port") currently owns a portion of the former 3M-owned property; and
WHEREAS, the City and the Port wish to mutually terminate the O&M Agreement as it relates to the Port and the Port-owned property, as depicted in the Termination and Mutual Release Agreement ("Termination Agreement") attached hereto as Exhibit B; now, therefore be it
RESOLVED, that said Termination Agreement is hereby approved in a form and content substantially as set forth in Exhibit B, and the proper city officials are hereby authorized and directed to execute said Termination Agreement on behalf of the City.
Financial Analysis
None