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DRAFT <br />City of Mounds View <br />Housing Replacement Program <br />4_) Completion date. <br />5) Financial guarantee submitted by the developer with a minimum amount equal <br />to 150% of the property and minimum improvement value. <br />J. Option 2: Funding of Demolition <br />1. Blight Qualification: Properties being considered for demolition funding must meet <br />blight qualifications as outlined in Section G. and Section I.1. <br />2. Need for Variances: If a variance is required to redevelop the property, the homeowner <br />must obtain the variance prior to the award of demolition funds. If a variance is not <br />granted, demolition funds shall not be awarded. <br />3. Comprehensive Plan/Zoning: The Comprehensive Plan designation and the zoning on <br />the property must allow for its redevelopment by construction of a replacement single <br />family residence. <br />4. Development Agreement: The interested participant must enter into a Development <br />Agreement with the EDA which will stipulate housing design and site development criteria <br />and time frame for completion. The development agreement will include estimate of new <br />taxes generated based on the construction of replacement cost. <br />Demolition Contract: The interested participant must obtain three estimates for <br />demolition which will assist in determining the amount of demolition funds to award for <br />the project. The chosen demolition contractor must be able to meet project deadlines as <br />outline by Program Staff. The demolition contractor will be required to obtain all <br />necessary City permits and pay applicable fees. Overall demolition supervision will be <br />provided by a designated Program Staff in conjunction with the interested participant. <br />Economic Development Authority <br />Dan Caughlin, President <br />Charles S. Whiting, Executive Director <br />Revised: June , 1999 <br />Page 7 <br />