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City of Mounds View <br /> Housing Replacement Program <br /> (1) A statement from a financial institution of sufficient construction capital <br /> (2) A letter of credit of the value of the lot <br /> (3) A summary of the financial conditions of the company <br /> (4) Evidence of a construction loan or ability to secure one <br /> b. Possess adequate Builder's Risk, Comprehensive General Liability and Worker's <br /> Compensation insurance coverage. <br /> c. Possess a Home Owners Warranty insurance or equivalent to perform warranted <br /> repairs required by Minnesota State Statute. <br /> d. Provide references from all of the following: <br /> (1) Five customers; <br /> (2) Three major suppliers, one being the construction lumber supplier; <br /> (3) Building Inspectors from two cities in which the builder has constructed new <br /> housing within the past three years. <br /> e. Provide information on inventory of homes that builder currently has under <br /> construction. <br /> • 5. Buyer Requirements, if applicable <br /> a. Must be pre-approved for permanent financing prior to allow signing of Contract for <br /> Private Development. <br /> • <br /> Page A-3 <br />