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DRAFT <br />City of Mounds View <br />Housing Replacement Program <br />g. If the interested participant decides not to sell the property after execution of <br />the purchase agreement then the interested participant must provide the EDA <br />with the following: <br />(1) A letter expressing their desire not to proceed with selling the property. <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 />5. 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 <br />will have priority. The demolition contractor must be able to meet project deadline as <br />outlined in the RFP prior to awarding a contract. The demolition contractor will be <br />required to obtain all necessary City permits and pay applicable fees. Overall a <br />designated Program 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 <br />builder for sale to the open market after completion. As part of the sale of the property, <br />the buyer/developer team purchasing party must sign a development agreement with the <br />EDA, which will stipulate housing design and time frame for completion. <br />8. Development Agreement: Closing Procedures <br />a When a redevelopment proposal submitted by a buyer/developer or buyer/builder <br />team has been approved by the EDA, Program Staff and Legal Counsel shall prepare <br />a Purchase and Redevelopment Agreement The selected developer shall receive a <br />copy of the purchase and redevelopment agreement which will include, but not be <br />limited to, the following information: <br />1) Construction of minimum improvements. <br />2) Estimated market value of the property and improvements. <br />3) Purchase price. <br />Page 6 <br />