2010.06.14 EDA Packet - Laserfiche WebLink

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LP HCily of ugo 14669 Fitzgerald Avenue North, 1-lugo, MN 55038 (651)762-6300 www.ci.hugo.mn.us May 12, 2010 Jason Gamble President, The River Bank 11151 Lake Boulevard PO Box G Chisago, MN 55013 RE: Ricci's property 1477717orest Blvd. N. Dear Mr. Gamble, On behalf of the City of Hugo's Economic Development Authority, l would like to arrange a meeting with you to discuss the condition of the building located at 14777 Forest Blvd. N. The City is interested in discussing and assisting with the demolition of this building. The City staff is also working with other property owners in downtown Hugo in an effort to reduce blight and improve redevelopment prospects. For example, we are negotiating with the owners of another blighted building in the City's downtown. In this case, the City would demolish the building and finance the demolition cost as an assessment against the property. The assessment would run for ten years at an annual interest rate of less than 5%. In the event the property is redeveloped, the total demolition cost may be recouped through the use of Tax Increment Financing. In addition, the City has identified potential grant resources that may pay a portion of the demolition costs. Not only will demolition of this building improve economic conditions in the City's downtown, but we believe removal of the building will improve your property's marketability and value. The City's Economic Development Authority is committed to assisting you, if possible, with the demolition of the building and the redevelopment of this property. Please contact me at 651-762-6320 at your earliest convenience to arrange a meeting to discuss this matter. Sincerely, B an J. ear Community Development Director c: Honorable Mayor and Council Economic Development Authority Mike Ericson, City Administrator Brian Zeller, Greystone Commercial