2009.07.20 EDA Packet - Laserfiche WebLink

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N ORTH MARQ July 28, 2009 Mr. Bryan Bear Community Development Director City of Hugo 14669 Fitzgerald Avenue North Hugo, MN 55038 via email: bbear@ci.hugo.mn.us RE: Thommes & Thomas 90.39 Acres - Offer Letter to Sell Dear Bryan: Pursuant to our conversation of Wednesday, July 16, 2009, 1 am pleased to present the following offer to sell for the "Thommes & Thomas Property". The owners are very interested in working with the City to effectuate a sale of the property. The sellers are very motivated to sell. This economic downturn has resulted in lower prices and could create a tremendous opportunity for the city to purchase and prepare the site for future businesses to relocate in Hugo. Currently the development time frame is prohibitive to a lot of companies. Other cities like Blaine are also purchasing land to lock in today's low prices and to pursue land for corporate and industrial users. Most users are not willing or able to go through the entitlement process taking a piece of raw land to a shovel ready condition. The wetland issues, EIS, EAW, DNR, EPA and other municipal against approvals are often too daunting for most users. They have enough challenges running their own businesses. Additionally, there are other pad ready options for users in adjacent communities that users may gravitate to. (i.e. Forest Lake, Columbus, Lino Lakes, Blaine) OFFER TO SELL Property Addresses: Hwy 61 & 165th Street & 5885 165th Street Hugo, Minnesota Seller: Thommes & Thomas Buyer: City of Hugo Property Description: Approximately 90.39 acres gross, or 65 acres net, depicted in Exhibit A. Purchase Price: $1.00 psf on the expected useable upland. I was previously marketing the property for $3.00 per square foot. Inspection Period: Buyer will have days from execution of the purchase agreement for the inspection period (the "Inspection Period" to evaluate the physical condition of the property). 3500 AMERICAN BLVD.W. SUITE 200 MINNEAPOLIS,MN 55431 T 952.831.1000 northmarq.com