1j Approve Reassignment of Dvlpmt Agreement Contr/PUD Agreement for Autumn Ridge
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ME-MORANDUM
SUBJ:
Char,< le"SFO,irb,~ '"~,,to, r~f, h, bli,cWti.b~... .,.:,,' ,.',~' "
Dave~,As~City.~._..! ::;"
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Octobet6, t 997
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~AA,~~alo{rt~~i~9,('De~.iA~l(f:' .
Autumn"RitfBe 1- and 2*lAddltiMs tQD.Jl~'~,,;~ NG~ gs.., and %-4,
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TO:
FROM:
DATE:
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This itenlw.s FeViot$~~bled<~ ~;~p~~~~!m ~~~ anowlhe two';
parties, Scenic' Bll_~Itlc. and"tKlt::Horkm,'~ to'~tadi"wtdfre~ to trail/,
and watennaino~credits. AU4lCbed is #8~~arneiJt;wbictt resolves, this ,
dispute; therefo~t thj,itetnis ready to. ~'reoons~by ~'City,,~~t; SUlff i,$ ,
recommending approval ot'~'reassigtUj1ellt,frO$'~:~ ~~ to })~a'f{orton, I~.
The City has received a~',Qf ereditfron;iD~::lt ~,~~ ~hich "1nrep~ ,seem~ '
Enterprises, lttc. 's letter Of~~ '; ,
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Attachments: '1.
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.~ AssignmeJlt doC1.Jment. , ,:
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c: Don Patton, D. R. 'a~on,Inc..
, Joe: MiBot, Scenic~ses. Inc.
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,1. ASSICNMENT. Jhe'eiry'apprOva'.lSSl_.(Of~:~tf~Con~
from S.E.f. tQ D.R.H. , '~i'~ " , " , , '
2. B~~92Pdi:1.;,D~M,'" c' " "~',J::~~~~.(Z~..~
the sameextebt8$;i(it;haI;&ctof~o"" '., ,o~(", "'t);R..H"$&i111ie'
~b1eroraltwbik~lIy$~;"!lii:'>'(' ",,: " · , ..,"
3. CQl)lTS. credi'du&~;~'~Tc)f.' ," . ':~~~
e to be dh-ided "'ually ~'Si5J. and~J~\itH~. ~iii~, ';'~" '~,:~__AlW" " . ,,-.
u , , ,eq, ". , ... "''lIOo~M:',, '. '. ",t""""'~"-:~l,
S,EJ. on thcIlfJifat'the,request of the Cit)tiu"'~~~'OfJt2lj:li:.. rkJt'~ .~
to P.R..H. an4., 1M~'~O(S:~S.I. Att,;~,_~/;,:"~~~lraet, ,,' ,
includin ,bQt not timiJedto ,m." trail.~. '~~ t~:: >. "tIt ''''..,park m1 '
trai1~t_'P#1,~tc)~ 11 Qfdtc'~;~_Oiio.t~ft_~':to .
D.itH.IU1d:~'fM~:oJ.'D'.~a. tAeS1~:t;t;J.~"1" ,.,""~~:,,do~_tfS;EJ.,~ftlIl' ,
execlltion of this AS$~t. Allothet cnedit$ sbill~ ".' .tftO'~fq,~S:E.l~" i)'~H.~t\ an
annual basis, ~~iJ1l;'On'beeem,* 1" 19?1t~;~i(Srf_~ th~ ,
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4. EFFECTIVE DATE. This Assignment shall be effective when the City has
received from D.R.H. a letter of credit as required by the Development Contract replacing the letter
of credit furnished by S.E.I.
Dated;
,1997.
CITY OF CIlANHAssEN
BY:
Nancy K. Mancino, Mayor
(SEAL)
AND
Don Ashworth, City Manager
Dated: / () ..... 3
, I 997.
SCENIC ENTERPRISES, me.
BY:~~~
v Its ~
Dated:
{)C/f s rcd
,1997.
D.R.. HORTON, INe.-MINNESOT A
BY:~,~~
Its ' .
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"&3219,01
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D. R. HORTON INC., - MINNESOT;"~>:~:11 ~-~'-{ q- .
3459 Washington Dr., Suite 204 . \
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Eagan, MN 55122 .
612 454-4663 ext. 140
Fax 612 454-0460
3 September 1997
CITY OF CHANHASSEN
Attn: Dave Hempel fax: 937-5739
690 Coulter Drive
Chanhassen MN 55317
Gentlemen:
This is to confirm the we have purchased Autumn Ridge from Scenic Enterprises.
We will be assuming the contract of Ryan Contracting and any development issues
should be directed to Don Patton at our office at the above address.
Please remove Scenic Enterprises as the developer of record on the Development
Agreement and replace it with D,R. Horton, Inc.-Minnesota. The Letter of Credit
from Premier Bank will be replaced with our LC from Nationsbank in the amount of
$80,000.
~~A'd1
NEIL HAJ.'IS~.JV-I v.-' "'"
Vice President
cc Don Patton
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SELLERJS ASSIGNMENT
RECITALS
1. Scenic Enterprises, Inc. a Minnesota corporation (SELLER) has contracted to
sell to D. R. Horton, Inc. - Minnesota, a Delaware Corporation (BUYER) land
Iccated in Chanhassen, Minnesota known as AUTUMN RIDGE and AUTUMN
RIDGE 2ND ADDITION by a purchase agreement executed by the parties.
2. As the developer of the subject lana SELLER has contracted with the follewing
subeontractors:
a. Ryan Contracting, Inc.
b. Passe Engineering, Inc.
c. Minnegasco
d. Minnesota Valley Electric Cooperative
e. Husting and Engstrom
3. The above subcontractors are the only persons or entities with whlc:h SELL.ER
has contracted to furnish labor or materials ta the praperty.
4. True and complete contracts between SEL.LER and 'the abolJe contractors are
attached hereto and made a part hereof.
5. To the best knowledge of SELLER, none of the subcontractors are currently In
default. , ft1""-~IIfI'e./ ~4~ ~'~~~~
(;" P.e.tlY"e,/"p~:.:J' ASSIGNMENT ~7 ,~~
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Pursuant to paragraph 7 (b) {viii} of the purchase agreement between BUYEA ~
and SELLER, SELlER hereby assigns to BUYER all of its rights and interests in all of
the attached contracts. SELLER shall be responsible for i1s obligations under said
contracts prior to the date hereon and BUYER shall be responsible fer the contracts
after this date.
dated: '1- J. - 0/ 7
Scenic Enterprisesl Inc.
by: ~ h.. ,......fL -~
J sepn M. Miller, preside t.
*J,-f;;-,,-~ ~ tee
7373 147th Street West
Apple Valley, Minnesota 55124
Bus: (612) 432-560C
Fax: (612) 432-117/
September 3,1997
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Dave Hampel
City of Chanhassen
690 Coulter Drive
Chanhassen, Minnesota
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Re: Exchange of Letter of Credit
Dear Mr. Hampel,
This Letter of Credit by Applicant, D.R.Horton,Inc. is to
replace the Letter of Credit by Applicant, Scenic Enterprises,
Inc. with the City of Chanhassen which was put in place to
guarantee the installation of improvements pursuant to the
Development Contract for the project known as Autumn Ridge 1st
and 2nd Addition.
Please call with any questions or concerns.
Thank you.
Applicant, seller
SCENIC ENTERPRISES,INC.
~ Y1t.- ~tJL}ftV;Y
ose h M. Mi ler, , pres.
Applicant, purchaser