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2013-05-21_HRA_Agenda_Packet
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2013-05-21_HRA_Agenda_Packet
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6/19/2013 10:26:35 AM
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
5/21/2013
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RosevilleLot/SaleReplacementProgram <br />APPLICATIONPROCESS <br />(continued) <br />6.WhenallFinalApplicationdocumentshavebeenreceived,theHRAStaffwilldoaFinalreview. <br />TheFinalApplicationreviewwilloccurwithin5workingdaysandwillensurethattheproject <br />conformstoallHousingDesignandSiteDevelopmentRequirements. <br />7.UponapprovaloftheapplicationbytheHRA,aclosingwillbescheduled. <br />TheHRAwillprepareallrequiredstatements,affidavits,documents,andgeneralreleaseforms. <br />TheBuilderappliesforabuildingpermitpriortoclosing.TheBuilderisresponsibleforacquiring <br />thenecessarybuildingpermitswiththeCityofRosevilleBuildingInspectionsDivision.Ifchanges <br />totheplansarerequiredbytheBuildingInspectionsDivision,theApplicantmustnotifyHRAstaff. <br />Atclosing,BuilderprovidesaLetterofCreditorcashescrowfor$10,000totheHRAfroma <br />financialinstitutionlocatedintheTwinCitiesMetro.Thecashescrowwillbeheldinanoninterest <br />LetterofCreditorcashescrowwillbereleasedoncetheconstructionand <br />bearingaccount.The <br />landscapeworkarecompletedandafinalCertificateofOccupancyisissued. <br />TheApplicantprovidesevidencetoHRAstaffthatallrequirementstoproceedwithconstructionas <br />determinedintheContractforPrivateDevelopmenthavebeenmet. <br />TheHRAconveysthepropertytotheBuilder/HomeownerorBuilder/DeveloperbyQuitClaim <br />Deed.ThesitewillbesoldatthefairmarketvalueasitappearsontheLotList. <br />8.Projectiscompletedwithinoneyearoftheclosing. <br />CertificateofCompletionmustbepresentedtoHRAtoreleasetheContractforPrivate <br />Developmentobligations. <br />IftheBuilderfailstocompleteconstructionasapprovedbytheHRA,theLetterofCreditorcash <br />escrowmaybedrawnuponbytheHRA.Inaddition,theContractforPrivateDevelopmentwill <br />containarevertprovision,whichwillenabletheHRAtoreclaimownershipofthepropertyinthe <br />eventofdefaultintheContract. <br />Page5RosevilleHousingReplacementProgramDraftMay2013 <br /> <br />
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