05-12-1997 EDA - Laserfiche WebLink

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City of Mounds View May 12, 1997 • Housing Replacement Program Page 5 (1) a visual inspection (2) a statement from the interested participant seller regarding any knowledge of the property's use for production, storage, deposit, or disposal of any toxic or hazardous wastes or substances or asbestos products whatsoever, during the time the interested participant seller owned the property and prior to the date of interested participant seller purchased property. Properties with environmental problems or hazards may be considered if the purchase price is reduced sufficiently to cover increased site clearance and preparation costs. 3- If a property meets the blight test, acquisition procedures can continue. If the blight test cannot be met, the interested participant will be notified in writing indicating the reasons why the property cannot be considered for acquisition. 4. 2. Need for Variances: If a variance is required to redevelop the property, the EDA may, at its sole discretion, choose not to acquire the property. This determination will be made based on the project time lines, available resources, and availability of other more-desireable properties which do not require a variance. If the EDA chooses to pursue a variance to enable the acquisition of the property, an application shall be filed following the usual procedures. If a variance is not approved, the property cannot be considered for acquisition. 5- 3. Appraisal:Determining Purchase Price: If the EDA chooses to continue with the acquisition, a fee appraisal shall will be ordered at the EDA's expense and the result shall be used in determining the amount of the purchase price to offer to the interested participant. The independent fee appraiser shall be carefully instructed to document in specific terms the conditions of the property including details regarding structural condition and floor plan. The acceptance of these conditions in the market place should be discussed in the report. The appraiser's value judgement should reflect these conditions. A negotiated price considerably below the assessor's market value, may be accepted without an appraisal on a case by case basis if the interested participant concurs. .. • - • •• . - • • • . •• . _ - • .• • • • • • • _. • • • • • 1 • - •. .. • . • • • • .I • III ••. - • - . •• - •. 7. Sellers will be asked to provide the Abstract or RPA(as applicable) to the EDA, to • ' • • • • • • 1• . • • . •l . • - • • • '.• - ••'1 5