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City of Mounds View <br />Housing ReUlacement Program <br />�r.�r�eel to coirect tide deficiencies to effectuate the sale sen�+N�iit FNe <br />�+�4r�r:e of the property dependant upon the additional time and expense <br />incuired. <br />(4) Simultaneously with the title opinion, an environmental evaluation will <br />i��-v be obtained from an independent environmental engineering firm or <br />other iii7n perfoiming such seivice. If environmental hazards are found <br />on the site, the EDA may choose not to acquire the property. <br />£ 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 properry after execution of the <br />piu�chase agreemenT Yhen the interested participant must provide the EDA with the <br />following: <br />(1) A letter expressing their desire not to p�roceed with selling the property <br />(2) The fiill amount of eainest money received upon execution of the purchase <br />ageement�ci <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 />properry. <br />5. Selection of Demolition Contractor and Procedures: After the iaE��-�r closing, <br />Program Staff will select a demolition eontractor by sending Requests for Proposals (RFP) to at <br />least tluee demolition contractors. Tlie pruu�sal li+el received with the lowest price will have <br />prioriry. The demolition conriactor must be able to meet project deadline as outlined in the <br />RFP—��rie�kr ����atzkii�,� a—c;a�3H�+et. The deinolition contractor will be reqLiired to obtain all <br />necessary Ciry permits and pay applicable fees. A+-ei�llzr�a�+r�n=+tee4 A Program Staff �e� rson <br />will provide demolition supeivision. <br />6. Marketing: Program Staff will advertise the sale of the property by contacting the St. <br />Paul Realtors Association, ai_eu residential developers, interested buyers and � posting signs <br />on the property. <br />7. Selection of Developer: Program Staff will negotiate the purchase of the property witl� <br />l�y an acceptable buyer/developer or buyer/builder team. If a buyer/developer or buyer/builder <br />team cannot be obtained, the EDA may consider selling property to a developer or builder for <br />sale to the open market after completion. As put of the sale of the properry, the <br />buyer/developer team purchasing parry must sign a nurcLase and redevelopment agreement <br />with the EDA, whieh will sCipulaYe mioimum staudards, housing design and time frame for <br />complerion. (ReTer to Gxhibit A, Flousin� DesiQn and Site Criteria zuidelines, att.�ched.) <br />8. Development Agreement: Closing Procedures <br />Page 7 <br />