2009.08.10 EDA Packet - Laserfiche WebLink

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`t July 28, 2009 N O RTH M ARQ Mr. Bryan Bear Community Development Director City of Hugo 14669 Fitzgerald Avenue North Hugo, MN 55038 via email: bbear@ci.hugo.mn.us RE: Kieger Property 15.15 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"Kieger 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 & 165`h Street& 5885 165th Street Hugo, Minnesota Seller: Kieger Family Limited Partnership Buyer: City of Hugo Property Description: Approximately 15.15 acres depicted in Exhibit A. Purchase Price: $1,550,000.00 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). Seller's Title: Seller will deliver the premises free of liens and monetary interests. 35D)AMERICAN BLVD W. SUITE 200 MINNEAPOLIS,MN 55431 T 952 831 10�-f0 noithrnarq con)