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City of Mounds View <br />Housing Replacement Program <br /> <br />Page 8 <br />completion. (Refer to Exhibit A, Housing Design and Site Criteria guidelines, attached.) <br /> <br />8. Development Agreement: Closing Procedures <br /> <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 shall prepare a <br />Purchase and Redevelopment Agreement. The selected developer will shall receive a <br />copy of the Purchase and Redevelopment Agreement which will include, but not be <br />limited to, the following information: <br /> <br />(1) Construction 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 />to100% of the minimum improvement value <br />(6) Revesting of Title. Subject to unavoidable delays, if the Developer fails to carry <br />out its obligations with respect to the construction of the Minimum Improvements, the <br />Authority will have the right to re-enter and take possession of the property. The <br />Authority at its option may declare a termination in favor of the Authority of the title <br />and that the title and all rights and interests of the Developer will shall revert to the <br />Authority. <br /> <br /> <br />J. Option 2: Funding of Demolition <br /> <br />1. Blight Qualification: Properties being considered for demolition funding must meet blight <br />qualifications as outlined in Section G. and Section I.1. <br /> <br />2. Need for Variances: If a variance is required to redevelop the property, the homeowner <br />must obtain the variance prior to the award of demolition funds. If a variance is not granted, <br />demolition funds shall not be awarded. <br /> <br />3. Comprehensive Plan/Zoning: The Comprehensive Plan designation and the zoning on the <br />property must allow for its redevelopment by construction of a replacement single-family <br />residence. <br /> <br />4. Development Agreement: The interested participant must enter into a Development <br />Agreement with the EDA which will stipulate housing design and site development criteria <br />and time frame for completion. The development agreement will include estimate of new <br />taxes generated based on the construction of replacement cost. <br /> <br />5. Demolition Contract: The interested participant must obtain three estimates for demolition <br />which will assist in determining the amount of demolition funds to award for the project.