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City of Mounds View <br /> Housing Replacement Program <br /> f. The seller must be prepared to vacate the property on the day of closing unless other <br /> arrangements have been made with Program Staff. <br /> g. If the interested participant decides not to sell the property after execution of the <br /> purchase agreement then the interested participant must provide the EDA with the <br /> following: <br /> (1) A letter expressing their desire not to proceed with selling the property <br /> (2) The full amount of earnest money received upon execution of the purchase <br /> agreement, and <br /> (3) Full payment of legal and consulting fees incurred by the EDA after the <br /> execution of the purchase agreement in preparation for the closing of the <br /> property. <br /> 5. Selection of Demolition Contractor and Procedures: After the closing, Program Staff <br /> will select a demolition contractor by sending Requests for Proposals (RFP) to at least three <br /> demolition contractors. The proposal received with the lowest price will have priority. The <br /> demolition contractor must be able to meet project deadline as outlined in the RFP. The <br /> demolition contractor will be required to obtain all necessary City permits and pay applicable <br /> fees. A Program Staff person will provide demolition supervision. <br /> 6. Marketing: Program Staff will advertise the sale of the property by contacting the St. Paul <br /> Realtors Association, area residential developers, interested buyers and by posting signs on the <br /> property. <br /> 7. Selection of Developer: Program Staff will negotiate the purchase of the property with an <br /> acceptable buyer/developer or buyer/builder team. If a buyer/developer or buyer/builder team <br /> cannot be obtained, the EDA may consider selling property to a developer or builder for sale to <br /> the open market after completion. As part of the sale of the property, the buyer/developer team <br /> purchasing party must sign a purchase and redevelopment agreement with the EDA, which will <br /> stipulate minimum standards, housing design and time frame for completion. (Refer to Exhibit <br /> A, Housing Design and Site Criteria guidelines, attached.) <br /> 8. Development Agreement: Closing Procedures <br /> a. When a redevelopment proposal submitted by a buyer/developer or buyer/builder team <br /> has been approved by the EDA, Program Staff and Legal Counsel will prepare a Purchase <br /> and Redevelopment Agreement. The selected developer will receive a copy of the <br /> Purchase and Redevelopment Agreement which will include, but not be limited to, the <br /> following information: <br /> S <br /> Page 7 <br />