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DRAFT <br />City of Mounds View <br />Housing Replacement Program <br />(2) The full amount of earnest money received upon execution of the purchase <br />agreement. <br />(3) Full payment of legal and consulting fees incurred by the EDA after the <br />execution of the purchase agreement in preparation for the closing of the <br />property. <br />>. Selection of Demolition Contractor and Procedures: After the property closing, <br />Program Staff will select a demolition contractor by sending out Requests for Proposals <br />(RFP) to at least three demolition contractors. The bid received with the lowest price will <br />have priority. The demolition contractor must be able to meet project deadline as outlined <br />in the RFP prior to awarding a contract. The demolition contractor will be required to <br />obtain all necessary City permits and pay applicable fees. Overall a designated Program <br />Staff will provide demolition supervision. <br />6. Marketing: Program Staff will advertise sale of the property by contacting the St. Paul <br />Realtors Association, Residential Developers, interested buyers and posting signs on the <br />property. <br />7. Selection of Developer: Program Staff will negotiate the purchase of the property by an <br />acceptable buyer/developer or buyer/builder team. If a buyer/developer or buyer/builder <br />team can not be obtained, the EDA may consider selling property to a developer or builder <br />for sale to the open market after completion. As part of the sale of the property, the <br />buyer/developer team purchasing party must sign a development agreement with the EDA, <br />which will stipulate housing design and time frame for completion. <br />8. Development Agreement: Closing Procedures <br />a. When a redevelo ment proposal submitted b a bu er/develo er or bu er/builder team <br />has been gppr� r the EDA. Program Staff and Legal Counsel shall prepare a <br />Purchase and Redevelopment Agreement. The selected developer shall receive a copy <br />of the purchase and redevelo mentagreement which will include but not be limited to <br />the following information: <br />1) Construction of minimum improvements. <br />2) Estimated market value of the property and improvements. <br />3) Purchase price. <br />4) Completion date. <br />5) Financial guarantee submitted by the developer with a minimum amount equal <br />to 100% of the minimum improvement value. <br />6) Revesting of Title Subject to unavoidable delays if the Developer fails to carry out <br />its oblations with respect to the construction of the Minimum Improvements, the <br />Page 6 <br />