Title
Pertaining to a Sale and Purchase of Assets Agreement with the City of Mendota Heights.
Body
WHEREAS, the Board of Water Commissioners of the City of Saint Paul (the “Board”) and the City of Mendota Heights (“Mendota Heights”) did enter into an agreement dated December 8, 2015 (the “Omnibus Agreement”) which required that Mendota Heights convey all of its rights, title, and interest to all water mains, hydrants, service connections, tanks, and appurtenances to the Board by an appropriate deed of conveyance; and
WHEREAS, staff has compiled an itemized list of such assets and has calculated the depreciation and book value of each asset based on its useful life and type of asset; and
WHEREAS, staff of the parties have negotiated an agreement that addresses the conveyance of the rights, title, and interest of such assets (“Sale and Purchase of Assets Agreement”); and
WHEREAS, Mendota Heights City Council approved the Sale and Purchase of Assets Agreement at its meeting of June 21, 2016; and
WHEREAS, the Sale and Purchase of Assets Agreement has been reviewed and approved as to form by the assistant city attorney; now, therefore, be it
RESOLVED, that the Sale and Purchase of Assets Agreement between the City of Mendota Heights and the Board of Water Commissioners of the City of Saint Paul pertaining to the conveyance of all rights, title, and interest to all water mains, hydrants, service connections, tanks, and appurtenances from Mendota Heights to the Board is hereby approved, and that the proper officers are hereby authorized and directed to execute said Agreement on behalf of the Board.