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<br />bring the negotiated Purchase and Redevelopment Agreement or Contract for Deed to the <br />CouncillHRA for final approval. <br /> <br />Option 2: <br /> <br />The property owner must submit a request for a demolition loan and include a proposal for <br />reuse of the lot. The proposal must include an estimate of demolition of the existing <br />substandard home and a statement of need for the loan. The property owner will be <br />required to enter into a Demolition Loan Agreement with the City. The loan will be <br />originated and serviced by the Roseville Housing Resource Center. <br /> <br />Buyer/Contractor Requirements: (Option 1) <br /> <br />. Contractor and all sub-contractors must possess a valid license. <br /> <br />. Buyer or Contractor must demonstrate financial capabilities by providing: <br /> <br />1. A statement from a financial institution 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 /> <br />. Contractor must posses adequate insurance that should include Builder's Risk, <br />Comprehensive General Liability and Workers Compensation. <br /> <br />. Contractor should provide references from: <br /> <br />1. Five satisfied customers <br />2. Three major suppliers, one being the construction lumber supplier <br />3. Two building inspectors <br /> <br />. Provide an inventory of homes currently under construction or other similar <br /> <br />development projects. <br /> <br />Buyer Requirements (Option 2) <br /> <br />. Must identify a licensed contractor to build the replacement home{s) consistent with <br />the Comprehensive Plan. <br /> <br />. Must meet standard financial underwriting criteria. <br />Page 2 <br />