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City of Mounds View <br />Housing Replacement Program <br /> <br />Page 7 <br />proceed to correct title deficiencies to effectuate the sale continue the <br />purchase of the property dependant upon the additional time and expense <br />incurred. <br /> <br />(4) Simultaneously with the title opinion, an environmental evaluation will <br />may be obtained from an independent environmental engineering firm or <br />other firm performing such service. If environmental hazards are found <br />on the site, the EDA may choose not to acquire the property. <br /> <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 /> <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 /> <br />(1) A letter expressing their desire not to proceed with selling the property <br /> <br />(2) The full amount of earnest money received upon execution of the purchase <br />agreement, and <br /> <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 /> <br />5. Selection of Demolition Contractor and Procedures: After the property closing, <br />Program Staff will select a demolition contractor by sending Requests for Proposals (RFP) to at <br />least three demolition contractors. The proposal bid received with the lowest price will have <br />priority. The demolition contractor must be able to meet project deadline as outlined in the <br />RFP prior to awarding a contract. The demolition contractor will be required to obtain all <br />necessary City permits and pay applicable fees. Overall a designated A Program Staff person <br />will provide demolition supervision. <br /> <br />6. Marketing: Program Staff will advertise the sale of the property by contacting the St. <br />Paul Realtors Association, area residential developers, interested buyers and by posting signs <br />on the property. <br /> <br />7. Selection of Developer: Program Staff will negotiate the purchase of the property with <br />by 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 part of the sale of the property, the <br />buyer/developer team purchasing party must sign a purchase and redevelopment agreement <br />with the EDA, which will stipulate minimum standards, housing design and time frame for <br />completion. (Refer to Exhibit A, Housing Design and Site Criteria guidelines, attached.) <br /> <br />8. Development Agreement: Closing Procedures