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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 /> 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 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 redevelopment proposal submitted by a buyer/developer or buyer/builder team <br /> has been approved by 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 redevelopment agreement 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 /> • to100% of the minimum improvement value. <br /> 6) Revesting of Title. Subject to unavoidable delays, if the Developer fails to carryout <br /> its obligations with respect to the construction of the Minimum Improvements, the <br /> Page 6 <br />