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Council approves indemnification agreement to release lien on 100 McKinley Avenue
Summary
Council approved terminating a 1996 regulatory agreement and releasing a lien on 100 McKinley Avenue so the property can transfer to a new owner; city attorney noted the bonds matured and cautioned the council that the action follows the attorney’s recommendation.
EVELETH, Minn. — The Eveleth City Council voted May 4 to approve an indemnification agreement that releases a regulatory lien on the property at 100 McKinley Avenue (Eveleth, MN 55734), clearing the way for the recent sale and allowing the new owner to pursue financing and rehabilitation.
City staff explained the lien traces to multi-family housing revenue bonds issued in 1996; those bonds have matured and are no longer outstanding. Pat (city counsel/staff speaker) said the purchaser’s attorney contacted the city and Kennedy & Graven — the city’s bond counsel — prepared the indemnification agreement to remove the recorded lien and release the city from related obligations.
A council member (Jim) asked why property owners were not notified earlier that the lien had been satisfied; he noted that if the bond matured in 2016 the notice should have occurred earlier. Pat said the bonds had matured and the agreement before the council is to release the lingering lien; no documentation of owner notification was provided during the discussion.
The council approved the motion to sign the agreements. Mayor Ron thanked Pat for the work to resolve the matter and asked to be kept informed about any necessary signatures.
