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<br />Lot Sale <br />1.Upon approval of the application by the HRA, a closing will be s <br />Builder/Homeowner or Builder/Developer. <br />2.The HRA will prepare all statements, affidavits, documents, and <br />closing. <br />3.The Builder applies for a building permit prior to closing. The Builder is responsible for acquiring the <br />necessary building permits with the City of Roseville Building I <br />plans are required by the Building Inspections Division, the applicant must notify HRA staff. <br />4.The Applicant provides evidence to HRA staff that all requiremen to proceed with construction as <br />determined in the Contract for Private Development have been met. <br />5.The HRA conveys the property to the Builder/Homeowner or Builder/Developer by Quit Claim Deed. <br />The site will be sold at the fair market value as it appears on the Lot List. <br />6.At closing, the Builder provides a Letter of Credit or cash escrow for $10,000 to the HRA from a <br />financial institution located in the Twin Cities metropolitan area. The cash escrow will be held in <br />non-interest bearing account. The Letter of Credit or cash escrow <br />construction and landscape work are completed and a final Certifcate of Occupancy is issued. <br />7.A Certificate of Completion must be presented to the HRA in orde <br />Contract for Private Development. <br />8.If the Builder fails to complete construction as approved by the HRA, t <br />escrow may be drawn upon by the HRA. In addition, the Contract for Private Developmen <br />contain a revert provision, which will enable the HRA to reclaim <br />event of default in the Contract. <br /> <br />Page 5 Roseville Housing Replacement Program April 10, 2013 <br /> <br />