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