20 June 2005
Dead man (not) spending
In the summer of 2001, Raymond Young he was the "Y" in TG&Y signed a donor letter of intent for the YMCA's local campaign, pledging $1 million over five years, to begin when construction began on a new southside Y.
Construction began on the Earlywine Park YMCA at SW 119th and May last October, but Young's estate balked at forking over the first $200k installment:
Michael Hovastak, the attorney representing Young's estate, said the letter of intent that Young signed is not binding and no plan exists to donate $1 million to the YMCA. Hovastak said a letter of intent is a statement for future intent.
"The letter of intent says payment begins when construction begins," Hovastak said. "Of course, Mr. Young died two years prior to any construction. Under the law, dead people cannot enter into contracts, so the letter of intent basically died with him."
Which was 23 March 2002.
Attorneys for the YMCA have filed a petition in Oklahoma County District Court asking for a ruling.Posted at 7:32 AM to City Scene