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• <br /> City of Mounds View May 12, 1997 <br /> • Housing Replacement Program Page 8 <br /> 5- f. The seller must be prepared to vacate the property on the day of closing unless <br /> other arrangements have been made with Program Staff. <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, Program <br /> Staff will select a demolition contractor by sending out Requests for Proposals (RFP) to at <br /> least three demolition contractors. The bid received with the lowest price will have <br /> priority. The demolition contractor must be able to meet project deadline as outlined in <br /> ithe RFP prior to awarding a contract. The demolition contractor will be required to <br /> obtain all necessary City permits and pay applicable fees. Overall demolition supervision <br /> will be provided by a designated Program Staff. <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 team. If a buyer/developer team can not be obtained, the <br /> EDA may consider selling property to a developer for sale to the open market after <br /> completion. As part of the sale of the property, the buyer/developer team must sign a <br /> development agreement with the EDA which will stipulate housing design and time frame <br /> for completion. <br /> J. Option 2: Funding of Demolition <br /> 1. Blight Qualification: Properties being considered for demolition funding must meet blight <br /> 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 /> 8 <br />