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<br /> Page A-3 <br />4. Builder Requirements <br /> <br />a. Demonstrate financial capability by providing all of the following: <br /> <br />(1) A statement from a financial institution of sufficient construction capital <br />(2) A letter of credit of the value of the lot <br />(3) A summary of the financial conditions of the company <br />(4) Evidence of a construction loan or ability to secure one <br /> <br />b. Possess adequate Builder’s Risk, Comprehensive General Liability and Worker’s <br />Compensation insurance coverage. <br /> <br />c. Possess a Home Owners Warranty insurance or equivalent to perform warranted <br />repairs required by Minnesota State Statute. <br /> <br />d. Provide references from all of the following: <br /> <br />(1) Five customers; <br />(2) Three major suppliers, one being the construction lumber supplier; <br />(3) Building Inspectors from two cities in which the builder has constructed <br />new housing within the past three years. <br /> <br />e. Provide information on inventory of homes that builder currently has under <br />construction. <br /> <br /> <br />5. Buyer Requirements, if applicable <br /> <br />a. Must be pre-approved for permanent financing prior to allow signing of Contract <br />for Private Development.