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<br /> <br /> <br />REQUEST FOR CITY COUNCIL CONSIDERATION <br /> <br />ITEM DESCRIPTION: Authorization for Mayor and City Manager to execute an Estoppel <br />Certificate and Certificate of Completion concerning Cardiovascular Systems, Inc., 1225 Old <br />Highway 8 NW. <br />DEPARTMENT HEAD’S APPROVAL: Craig Schlichting, Director of Community Assets & <br />Development <br /> <br />CITY MANAGER APPROVAL: <br /> <br /> <br />No comments to supplement this report _______ Comments attached ______ <br /> <br />Recommendation: Authorize the City Manager to execute the attached Estoppel Certificate and <br />Authorize the Mayor and City Manager to execute the Certificate of Completion concerning <br />Cardiovascular Systems, Inc. (CSI), 1225 Old Highway 8 NW. <br /> <br />Legislative History: June 2, 2014: The City Council adopted Resolution 14-046 approving <br />land use approvals for CSI and authorized the Mayor and City Manager to execute a Contract for <br />Private Redevelopment by and among the City of New Brighton and Ryan Companies US, Inc. <br />and Cardiovascular Systems, Inc. (Cardiovascular Systems Project). <br /> <br />Financial Impact: None <br /> <br />Explanation: As the Council has been previously advised via the Weekly Memo, the CSI <br />building was recently sold to Krishna Holdings, LLC. Under the terms of the sale, CSI will lease <br />back from Krishna Holdings, LLC and retain occupancy and operations as exists today. Under <br />the terms of the sale, Krishna Holdings, LLC has requested execution of an Estoppel Certificate <br />and Certificate of Completion. Both certificates have been reviewed and accepted by the City’s <br />redevelopment attorney. <br /> <br />The Estoppel Certificate relates to the land use approvals and specifically refers to Resolution <br />06-046 and the related Planned Unit Development Declaration. The certificate states the City is <br />not aware of any violations of the resolution or declaration from the signed date of the certificate <br />and any date prior to (when CSI owned the building). The conditions of the resolution and <br />declaration remain in full force from the signed date of the certificate and into the future (which <br />will apply to new owner Krishna Holdings, LLC). <br /> <br />The Certificate of Completion was a document prepared as part of the original Contract for <br />Private Redevelopment. This certificate was attached to the original contract as Exhibit D and <br />AGENDA SECTION: Consent <br />REPORT DATE: 2/24/2017 <br />MEETING DATE: 2/28/2017