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the $500 participation fee in non-refundable and the participation agreement becomes null <br />and void. Within the maximum 60-day participation period, City staff will bring the <br />negotiated Purchase and Redevelopment Agreement to the Council/HRA for final approval. <br />OptiQn • <br />The properly owner �er�eewr� must submit a request for a demolition loan and include <br />a proposal for reuse of the lot . The <br />proposal must include an estimate of demolition of the existing substandard home and a <br />statement of need for the loan. The nro e�rly owner -qe�eewFle� will be required to enter <br />into a Demolition Loan Agreement with the City <br />, The loan will be originated and serviced by the Roseville <br />Housina Resource Center. mu <br />Builder BuyerlContractor -Requirements: �ption 1 ) <br />. _ ntractor and all subcontractors must possess a v I�i license. <br />. Buyer or Contractor must dBemonstrate financial capabilities by providing: <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 />. Contractor m�4ust posses adequate insurance that should include Builder's Risk, � <br />Comprehensive General Liability and Workers Compensation. <br />. Contractor should pRrovide references from: <br />1. Five satisfied customers <br />2. Three major suppliers, one being the construction lumber supplier <br />3. Two building inspectors <br />. Contractor shall qRrovide an inventory of homes currently under construction or other <br />similar development projects: <br />Page 2 <br />