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City of Mounds View March 10, 1997 <br /> Housing Replacement Program Page 4 <br /> 3. Properties purchased should be equally distributed by location and value throughout the <br /> City when possible, and provide a viable financial mix of properties to support program <br /> financial requirements. <br /> D. Option 1: Acquisition of Property by EDA <br /> 1. Blight Qualification: Once an offering letter is received by the interested participant, <br /> program staff shall arrange, by appointment, an inspection of the interior of the home to <br /> establish blight qualification as outlined in Section B. The following information will <br /> also be obtained during the inspection: <br /> a. Demolition information for estimating demolition credit to builder. <br /> b. A determination as to the existence of any hazardous materials on the property. <br /> This includes: <br /> 1111 (1) a visual inspection <br /> (2) a statement from the interested participant regarding any knowledge of the <br /> properties use for production, storage, deposit, or disposal of any toxic or <br /> hazardous wastes or substances or asbestos products whatsoever, during the <br /> time the interested participant owned the property and prior to the date of <br /> interested participant purchased property. Properties with environmental <br /> problems or hazards may be considered if the purchase price is reduced <br /> sufficiently to cover increased site clearance and preparation costs. <br /> If a property meets the blight test, acquisition procedures can continue. If the blight <br /> test cannot be met, the interested participant will be notified in writing indicating <br /> the reasons why the property cannot be considered for acquisition. <br /> 2. Need for Variances: If a variance is required to redevelop the property, the EDA may, at <br /> its sole discretion, choose not to acquire the property. This determination will be made <br /> based on the project time lines, available resources, and availability of other properties <br /> which do not require a variance. If the EDA chooses to pursue a variance to enable the <br /> acquisition of the property, an application shall be filed following the usual procedures. <br /> If a variance is not approved, the property cannot be considered for acquisition. <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 /> DRAFT (April 21, 1997) 4 <br />