Title
RESOLUTION AUTHORIZING AN AGREEMENT WITH LOTUS REALTY SERVICES INC. FOR THE OPERATION, MAINTENANCE, AND INSPECTION OF CERTAIN STORM WATER IMPROVEMENTS WITHIN OUTLOT A IN THE PLAT OF HARBOR LIGHT, AT NO COST TO THE CITY.
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CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to execute an agreement with Lotus Realty Services Inc., substantially the same as the agreement attached as Exhibit 1, for the operation, maintenance, and inspection of the stormwater improvements located in the following described real estate, at no cost to the City: Outlot A, Harbor Light, St. Louis County, Minnesota.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes an agreement with Lotus Realty Services Inc. for the operation, maintenance, and inspection of the stormwater improvements located in Outlot A in the plat of Harbor Light (“Outlot A”), at no cost to the City.
Under the Development Agreement for the plat of Harbor Light, the owner of the plat was to construct certain public improvements and, once constructed and approved by the City, turn the improvements over to the City, as well as convey fee title to Outlot A to the City. Due to several encumbrances currently on the Certificate of Title for Outlot A, the City cannot accept title to Outlot A until those issues are released, satisfied, or terminated. While the owner is diligently working on resolving the title issues, the City needs assurances that the storm water improvements will be properly maintained and operated until such time that the property can be conveyed to the City. The agreement under this resolution provides the City with such assurances and requires the owner to perform the activities stated within the agreement.
Under a separate council item, the City will accept other improvements within the plat of Harbor Light, which item specifically excludes the improvements located within Outlot A.