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xfield <br /> Rencarch Inc. <br /> August 31, 2012 <br /> Ms. Rachel Juba <br /> Planner <br /> City of Hugo <br /> 14669 Fitzgerald Avenue North <br /> Hugo, MN 55038 <br /> CONTRACT FOR PROFESSIONAL SERVICES <br /> Maxfield Research Inc. proposes to complete an update of current market conditions for vari- <br /> ous real estate market segments in Downtown Hugo, including general occupancy and senior <br /> housing, commercial retail and office space and lodging to consider product types and a strate- <br /> gy for short-term and long-term development and redevelopment. The update market analysis <br /> will assess the potential demand for the above real estate products. Maxfield Research Inc. will <br /> update demographic and economic characteristics, current market conditions, for Hugo and <br /> surrounding impact communities (the "Trade Area") and will identify additional development <br /> supportable in the Downtown Area. The analysis will take into account: <br /> • Current and projected economic conditions; <br /> • Completed Downtown infrastructure and private development projects; <br /> • New developments and potential competitive development; <br /> The analysis will provide specific recommendations and a plan for redevelopment and new con- <br /> struction. The recommendations will consider how to best strengthen the Downtown utilizing a <br /> mix of new development and marketing/promotion strategies. <br /> The analysis will also focus on the potential support for additional restaurant space considering <br /> different types of formats and the support for lodging. <br /> The analysis will include a substantial amount of primary research - interviews with key stake- <br /> holders, business owners/property owners in the community, municipal staff, and others to <br /> provide a comprehensive assessment. <br /> 612-338-0012 (fax)612-904-7979 <br /> 1221 Nicollet Avenue S. Suite 218,Minneapolis,MN 55403 <br /> www.maxfieldresearch.com <br />