Agenda Packets - 1997/12/08 - Laserfiche WebLink

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City of Mounds View Staff Report December 4, 1997 Page 2 earnest money deposited with a title insurer within three days after approval of the agreement. . • The developer must pay all attorney fees and closing costs under the agreement. The closing date is set for no later than January 30, 1998 although it is likely that we will be prepared to close at an earlier date. The Construction plans must be submitted to the Authority for written approval to ensure that the provisions in the agreement have been met. The approval will be based upon the review by the City Building Official. The construction of the minimum improvements shall be substantially completed by July 5, 1998 unless agreed upon by the Authority in writing. Upon completion of construction, a certificate of completion must be signed by the Authority to release the developer from the obligations under the agreement. The developer is required to follow the Housing Development and Site Criteria per exhibit C of the agreement. I have already compiled the majority of the information under the Builders Requirements for proof of financial stability, references and an inventory of current homes under construction. (See attached) I will report on my findings at the meeting. This is the first parcel under the housing replacement program that will take full circle, therefore, staff is prepared to follow the construction of the home very closely to ensure that it is a complete success. AS At a i Cathy Berm r, Dir. of Economic Development Recommendation: Staff is recommending approval of Resolution No. 97-EDA77 approving and authorizing the execution of the Purchase and Redevelopment Agreement with Preferred Builders for the sale and development of a new home at 8265 Spring Lake Road •