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BACKGROUND MEMO FOR THE EDA MEETING OF <br />MONDAY, MAY 14, 2012 <br />3. APPROVAL OF MINUTES <br />Staff recommends approval of the minutes from the April 9, 2012, EDA Meeting as <br />presented. <br />4. INSURANCE ADVISORS — GREG YOUNG INSURANCE AGENCY <br />Staff has invited Greg Young from Greg Young Insurance Agency, a new business in <br />Hugo. The business is located in the Bald Eagle Industrial Park in Grant Barrett's office <br />building on Fenway Boulevard Circle. A few months ago Mr. Barrett had a vacancy in <br />his building and he created three smaller offices for flexible office space. Mr. Young is <br />leasing one of the offices for his business. Staff recommends that the EDA welcome Greg <br />Young as a new business owner in Hugo. <br />5. DISCUSSION ON THE PURCHASE AGREEMENT FOR THE CITY OWNED <br />PROPERTY <br />The development team would like to have a discussion with the EDA on a year extension <br />of the purchase agreement for the property. The purchase agreement expires June 6, <br />2012. <br />At its February 13, 2012, meeting the EDA heard from the development team on its <br />marketing efforts for the property. The development team presented several iterations of <br />development plans they have come up with for the site. Their ideas included commercial <br />and hospitality aspects that have integrated an event center. They have been trying to find <br />users that will fit those categories. They have provided potential users with a brochure <br />that features information on Hugo and concept drawings for the site. <br />The EDA generally liked the direction of the development team and encourage them to <br />continue to work on development concepts for the property. <br />Staff recommends the EDA discuss and make a recommendation on the proposed one <br />year extension of the purchase agreement with the development team. <br />6. DISCUSSION ON WASHINGTON COUNTY ECONOMIC DEVELOPMENT <br />EFFORTS <br />There have been discussions during Greater MSP meetings regarding what Washington <br />County's role should be for economic development. Staff will provide the EDA with <br />information on Washington County is heading in regards to economic development. <br />