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City of Mounds View <br />Housin� Replacement Pro�ram <br />a. When a redevelopment proposal submitted by a bLryer/developer or buyer/builder team <br />has been approved by the EDA, Program Staff and Legal Counsel �vill s1a=��E prepare a <br />Purchase and Redevelopment Agreement. The selected developer �vill sH�+l4 receive a <br />copy of the Purchase and Redevelopment Agreement which will include, but not Ue <br />limited to, the following information: <br />(I) Conshuction of minimum improvements <br />(2) Estimated market value of the property and improvements <br />(3) Purchase price <br />(4) Completion date <br />(5) Financial guarantee submitted by the developer with a minimum amount equal <br />to 100% of the minimum improvement value <br />(6) Revesting of Title. Subject to unavoidable delays, if'the Developer fails to cv�iy <br />out its obligations with respect to the consh�uction of the Minimum Iinprovements, the <br />Authority will have the right to re-enter and take possession of the property. The <br />Authoriry at its option may declare a teimination in favor of the Authoriry of the title <br />and that the title and all rights and interests of the Developer will �.13��4 revert to the <br />Authoriry. <br />d: —(��utiieir g�-4 ia+c#ietx tit=Be��eFitie+t <br />e . . <br />� <br />�'m-7�!!�sn�!exe!�eea�snR' ' <br />n�inen!*r.t . !�sr.eee�es�.� <br />. :�sss�er�a � - - <br />_�. <br />�'re� � ' . . . <br />t�er+i�+t�Fx���+y–�r�a��l-i�l�le–lee•;—C�-�k �E{c*���4ttierr-ei+t�iaF+=i�+Eirr-�tFl–l�e–Nrt�viel� +� <br />Page 8 <br />