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S City of Mounds View March 10, 1997 Housing Replacement Program Page 6 (2) EDA Legal Counsel will be responsible for having the Abstract or RPA updated and will provide program staff and interested participant with a written opinion of title. EDA Legal Counsel will also secure title insurance. (3) If the title opinion indicates the property has marketable title, purchase procedures will continue. If the title opinion does not indicate a marketable title, the EDA, at its sole discretion, may choose not to acquire the property. The EDA may determine remedies and evaluate their resolution, including the additional time and expense to provide marketable title. The EDA may proceed to correct title deficiencies to continue the purchase of the property dependant upon the additional time and expense incurred. (4) Simultaneously with the title opinion, an environmental evaluation may be obtained from an independent environmental engineering firm or other firm performing such service. If environmental hazards are found on the site, the EDA may choose not to acquire the property. 1110 e. The EDA Executive Director and President shall be signatories on the purchase agreement. f. The seller must be prepared to vacate the property on the day of closing. 5. Selection of Demolition Contractor and Procedures. After property closing, Program staff will send out Requests for Proposals (RFP) to at least three demolition contractors. The bid received with the lowest price will have priority. The demolition contractor must be able to meet project deadline as outline in the RFP prior to awarding a contract. 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. 6. Marketing; Selection of Developer. Program staff will negotiate the purchase of the property by an acceptable buyer/developer team. If a buyer/developer team can not be obtained, the EDA may consider selling property to a developer for sale to the open market after completion. As part of the sale of the property, the buyer/developer team must sign a development agreement with the EDA which will stipulate building configurations and time frame for completion. E. Option 2: Funding of Demolition 410 1. Blight Qualification: Properties being considered for demolition funding must meet blight qualifications as outlined in Section B and Section D.1. DRAFT (April 21, 1997) 6