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Upon the after conveyance discovery of Unsuitable Soils, the Purchaser shall stop <br /> work immediately on the project and notify appropriate Project Coordinator or <br /> his/her manager, if Project Coordinator is unavailable. CPED Staff shall then <br /> consult with CPED engineering staff to evaluate the Purchaser's request for a Soil <br /> Correction allowance as required in this Section III(C)(4)and the ability of the <br /> Purchaser to continue work. Failure to stop work and notify CPED Staff shall <br /> make the Purchaser ineligible to receive a Soil Correction allowance. The <br /> Purchaser shall not be eligible for a Soil Correction allowance where a building has <br /> already been erected over the area where the Unsuitable Soils are claimed to <br /> have been located or after the City has issued a certificate of completion for the <br /> redevelopment project. <br /> d. Questions to be Addressed <br /> CPED Staff shall review and evaluate all redevelopment proposals and Offers to <br /> Purchase Development Properties based on the information provided in a Purchaser's <br /> proposal and Offer to Purchase. CPED Staff shall not consider an incomplete proposal <br /> and Offer to Purchase. CPED Staff's review and evaluation shall focus on the following <br /> criteria: <br /> i. What is the public purpose to be achieved from the redevelopment proposal? <br /> ii. Is the proposal for redevelopment, and not for speculation or land-banking? <br /> iii. Is the redevelopment proposal an eligible activity under the Redevelopment Law? <br /> iv. Is the redevelopment proposal consistent with City development ordinances and <br /> policies, such as the Zoning Code, Comprehensive Plan and any applicable <br /> redevelopment or small area plans? <br /> v. Is the redevelopment proposal consistent with City redevelopment policies, <br /> including the House Move Policy and the Scope and Objectives of this Disposition <br /> Policy? <br /> vi. Is the proposed Purchase Price consistent with the Fair Reuse Value or the Fair <br /> Reuse Value less Writedown, if applicable, for the Property? <br /> vii. What are the Purchaser's identity, qualifications, experience and financial capacity <br /> in undertaking the redevelopment proposal? <br /> viii. What is the Purchaser's history with loan defaults, mortgage foreclosures, <br /> bankruptcies, litigation, code violations, tax delinquencies, 911 calls, criminal <br /> record, etc.? <br /> ix. What is the development cost and financing plan for the redevelopment proposal? <br /> x. What is the level of private financing committed to the redevelopment proposal, <br /> including equity and lending sources? <br /> xi. What is the level of public subsidy or other public assistance being requested to <br /> support the redevelopment proposal, including amounts and sources? <br /> xii. When will construction or rehabilitation of the redevelopment begin and be <br /> completed? <br /> Updated as of 10/6/04 10 <br />