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the $500 participation fee in non-refundable and the participation agreement becomes null and void. Within the maximum 60-day participation period, City staff will bring the negotiated Purchase and Redevelopment Agreement to the Council/HRA for final approval. Option 2: The property owner A homeO'.Nner must submit a request for a demolition loan and include a proposal for reuse of the lot the construction of J ne'N single fJmily home on the lot. The proposal must include an estimate of demolition of the existing substandard home and a statement of need for the loan. The property owner homeo.....ner will be required to enter into a Demolition Loan Agreement with the City for the construction of the new home which will include the terms of the IOJn. The loan will be originated and serviced by the Roseville Housing Resource Center. must be serviced by the bJnl< thJt \-vill hold the first mortgJge with the Jgreement thJt the City will tJl<e J second position on the mortgJge. Builder Buyer/Contractor -Requirements: (Option 1 ) . ~1ust be J licensed c.contractor and all sub-contractors must possess a valid license. . Buyer or Contractor must dgemonstrate financial capabilities by providing: 1. A statement from a financial institution of sufficient construction capital 2. A letter of credit for the value of the lot 3. A summary of financial condition of the company 4. Evidence of the ability to secure a construction loan. . Contractor mMust posses adequate insurance that should include Builder's Risk, I Comprehensive General Liability and Workers Compensation. . Contractor should pprovide references from: 1. Five satisfied customers 2. Three major suppliers, one being the construction lumber supplier 3. Two building inspectors . Contractor shall pprovide an inventory of homes currently under construction or other similar development projects; Page 2 -