HomeMy WebLinkAboutContract 19821982
ESTOPPEL CERTIFICATE
REGARDING
CONTRACT FOR PRIVATE REDEVELOPMENT
The Ryland Group, Inc.
7599 Anagram Drive
Eden Prairie, MN 55344
Attention: Wayne J. Soojian
RE: Contract for Private Redevelopment (the "Agreement") dated as of October 25, 2004, by
and among the City of Columbia Heights (the "City"}, the Columbia Heights Economic
Development Authority of Columbia Heights, Minnesota (the "EDA"), and Huset Park
Development Corporation ("Redeveloper").
The undersigned hereby certifies to you as follows:
Except for those certain Letters of Approval dated as of July 8 and September 7, 2005 (collectively
the "Approval Letters"), respectively, the Agreement is unmodified as of February 13, 2006 (the
"Certification Date").
2. As of the Certification Date, the Agreement, as modified by the Approval Letters, is in full force
and effect.
As of the Certification Date, neither the City, nor the EDA, nor, to the best knowledge of the
undersigned, the Redeveloper is in default of the Agreement or Approval Letters, nor have any of
the foregoing parties committed any breach which may, with the passage of time or giving of notice
or both, become an Event of Default as defined therein, except as otherwise provided in this
paragraph. Notwithstanding such certification, as of the date of this letter the Redeveloper has not
provided the security described in Section 3.2(d)(ii) of the Agreement, and nothing in this letter or
in EDA's conduct under the Agreement to date is intended to waive that requirement.
4. As of the Certification Date, the City has accepted bids for, and has ordered the construction of,
Huset Parkway and the other public improvements contemplated by the Agreement.
The undersigned makes this certificate with the understanding that The Ryland Group, Inc.
("Ryland"), is preparing to close on the purchase from Redeveloper of a certain portion of the
property covered by the Agreement (the "Initial Model Closing"), and if the Initial Model Closing
is consummated Ryland will be in material reliance on this certificate.
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT
AUTHORITY, COLUMBIA HEIGHTS, MINNEOSTA, a
Minnesota public body corporate and politic
. '. .~/ ,?
B r`
y
~_ - -
Walter R. Fehst `'
Its: Executive Director
M1:1258880.01