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DRAFT City of Mounds View Housing Replacement Program • Authority will have the right to re-enter and take possession of the property. The Authority at its option may declare a termination in favor of the Authority of the title and that the title and all rights and interests of the Developer shall revert to the Authority. J. Option 2: Funding of Demolition 1. Blight Qualification: Properties being considered for demolition funding must meet blight qualifications as outlined in Section G. and Section I.1. 2. Need for Variances: If a variance is required to redevelop the property, the homeowner must obtain the variance prior to the award of demolition funds. If a variance is not granted, demolition funds shall not be awarded. 3. Comprehensive Plan/Zoning: The Comprehensive Plan designation and the zoning on the property must allow for its redevelopment by construction of a replacement single family residence. 4. Development Agreement: The interested participant must enter into a Development Agreement with the EDA which will stipulate housing design and site development criteria and time frame for completion. The development agreement will include estimate of new taxes generated based on the construction of replacement cost. 5. Demolition Contract: The interested participant must obtain three estimates for demolition which will assist in determining the amount of demolition funds to award for the project. The chosen demolition contractor must be able to meet project deadlines as outline by Program Staff. The demolition contractor will be required to obtain all necessary City permits and pay applicable fees. Overall demolition supervision will be provided by a designated Program Staff in conjunction with the interested participant. Economic Development Authority By: Dan Coughlin, President By: Charles S. Whiting, Executive Director Revised: June 28, 1999 Page 7