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OpUon 2: <br /> A homeowner must submit a request for a demolition loan and include a proposal for the <br /> construction of a new single familx home on the lot. The proposal must include an estimate <br /> of demolition of the existin4 substandard home and a statement of need for the loan. The <br /> homeowner will be required to ester into a Demolition Loan Agreement with the City for the <br /> construction of the new home which will include the terms of the loan. The loan must be <br /> serviced bv the bank that will bold the first mortgage with the a4reement that the City will <br /> take a second Wsition on the mortgage. <br /> Builder Requirements: LODtion 1 <br /> • Must be a licensed contractor and all sub-contractors mist possess a license. <br /> • Demonstrate financial capabilities by providing: <br /> 1. A statement from a financial institudon of sufficient construction capital <br /> 2. A letter of credit for the value of the lot <br /> 3. A summary of financial condition of the company <br /> 4. Evidence of the ability to secure a construction loan. <br /> Must posses adequate insurance that should include Builder's Risk, Comprehensive <br /> General Liability and Workers Compensation, <br /> • Provide references from: <br /> 1. Five satisfied customers <br /> 2. Three major suppliers, one being the conslwcfion lumber supplier <br /> 3. Two building inspectors <br /> • Provide an inventory of homes currently under construction. <br /> Buxer Requirements(Option 2): <br /> • Must identify a licensed homebuilder to for building the replacement home. <br /> Must be pre-approved for permanent financing with a Roseville Bank that will aciree to <br /> service the demolition loan for the M of Roseville. <br /> • Must provide deauate financial information to prove a financial need for the loan. <br /> Page 2 <br />