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:E <br />o�oo <br />Oproperties <br />2214 Fifth Street, Unit 3 <br />White Bear Lake, MN 55110 <br />Voice 651 247 7007 <br />dennis@dennisproperties.com <br />www.dennisproperties.com <br />September 8, 2020 <br />Via. FinaiI <br />Rachel Juba <br />Community Development Director <br />City of Hugo <br />14669 Fitzgerald Ave. N. <br />Hugo, MN 55038 <br />Re: Downtown Hugo <br />Dear Ms. Juba: <br />This letter is sent in connection with my presentation of a Downtown Hugo plan at the <br />September 15, 2020 EDA meeting. <br />I would again like to present the plans which I presented to the EDA in August of 2019. This <br />includes the PowerPoint Presentation which Hugo staff has from the 2019 presentation. <br />Now, in 2020, we would like to make progress on the creation of a purchase agreement and <br />development agreement that contemplates the commencement of construction of Phase 1 in the <br />summer of 2021. Our goal is to have the purchase agreement and development agreement <br />executed by October 31, 2020. <br />We envision that those agreements will include the following concepts: <br />Earnest Money: $20,000. This is to be compared to the $500 which was deposited by <br />Christopher Cosgrove and the $1.00 which was deposited by Tony Harmening. <br />2. Phase 1: the following components of the plan would be constructed as the Phase 1 <br />improvements: <br />0 restaurant of at least 4500 square feet <br />