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9b. Attachment A <br />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 />nstructionand <br />bearingaccount.TheLetterofCreditorcashescrowwillbereleasedoncetheco <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 />Page5RosevilleHousingReplacementProgramAdoptedMay21,2013 <br /> <br />