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City of Mounds View <br /> • Housing Replacement Program Page 5 <br /> 3. Appraisal; Determining Purchase Price: If the EDA chooses to continue with the <br /> acquisition, a fee appraisal shall be ordered at the EDA's expense and the result shall be <br /> used in determining the amount of the purchase price to offer to the interested participant. <br /> The independent fee appraiser shall be carefully instructed to document in specific <br /> terms the conditions of the property including details regarding structural condition <br /> and floor plan. The acceptance of these conditions in the market place should be <br /> discussed in the report. The appraiser's value judgement should reflect these <br /> conditions. <br /> A negotiated price considerably below the assessor's market value, may be <br /> accepted without an appraisal on a case by case basis if the interested participant <br /> concurs. <br /> 4. Purchase Agreement; Closing Procedures <br /> a. When a purchase price has been verbally agreed upon by both parties, Program <br /> Staff and Legal Counsel shall prepare a Purchase Agreement to be presented to <br /> the interested participant. The purchase price contained in the Purchase <br /> • Agreement shall be within the range authorized by the EDA. The purchase <br /> agreement shall be contingent on the completion of an environmental <br /> evaluation suggesting no evidence of hazardous waste on the property. The <br /> interested participant shall receive a copy of the purchase agreement including <br /> the following information: <br /> (1) The purchase price <br /> (2) How the purchase price was determined. <br /> (3) The amount of earnest money <br /> (4) A date to sign the Purchase Agreement <br /> (5) A closing date <br /> b. To enable the acquisition process to continue, the interested participant must <br /> execute the purchase agreement and"waiver of relocation benefits" form. The <br /> waiver of relocation must be clearly explained to the interested participant at <br /> this time, if not explained previously. <br /> c. The EDA Executive Director and President shall be signatories on the purchase <br /> agreement. <br /> • d. The acquisition and disposition of the property must be in conformance with <br /> the Mounds View Comprehensive Plan. <br /> 5 <br />