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04-24-1997
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04-24-1997
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8/23/2022 12:42:26 PM
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8/1/2018 6:56:35 AM
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MV EDC
EDC Document Type
Packets
Date
4/24/1997
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City of Mounds View March 10, 1997 <br /> Housing Replacement Program Page 5 <br /> The independent fee appraiser shall be carefully instructed to document in specific terms the <br /> conditions of the property including details regarding structural condition and floor plan. <br /> The acceptance of these conditions in the market place should be discussed in the report. <br /> The appraiser's value judgement should reflect these conditions. <br /> A Negotiated price considerably below the assessor's market value, may be accepted <br /> without an appraisal on a case by case basis if the interested participant seller concurs. <br /> 4. Purchase Agreement; Closing Procedures <br /> a. When a purchase price has been verbally agreed upon by both parties, program staff <br /> and Legal Counsel shall prepare a Purchase Agreement to be presented to the <br /> interested participant. The purchase price contained in the Purchase Agreement <br /> shall be within the range authorized by the EDA. The purchase agreement shall be <br /> contingent on the completion of an environmental evaluation suggesting no <br /> evidence of hazardous waste on the property. The interested participant shall <br /> receive a copy of the purchase agreement including 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 payment" form. The <br /> waiver of relocation benefits, must be clearly explained to the interested participant <br /> at this time, if not explained previously. <br /> c. The acquisition and disposition of the property must be in conformance with the <br /> Mounds View Comprehensive Plan. <br /> d. Following EDA authorization of these agreements, interested participants and/or <br /> program staff will be requested to assemble and supply all required documentation <br /> prior to closing as outlined below. <br /> (1) An Abstract or RPA (as applicable) must be furnished to the program staff to <br /> facilitate the rendering of a title opinion. The interested participant will bear <br /> the cost of updating the Abstract or RPA as part of the closing procedures. <br /> II! <br /> DRAFT (April 21, 1997) 5 <br />
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