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• The construction of "Main Street", which would be a public street with public utilities <br />and sidewalks. Main Street should include decorative lighting and opportunities for <br />banners such as for Veterans Day, Independence Day, and the like. Main Street would be <br />funded in part by the City of Hugo, recognizing public benefit. Dennis Properties would <br />also fund part of Main Street costs, recognizing the private benefit. This private portion <br />would be paid via special assessments, payable over time. <br />• Parking on the south side of Main Street and south side of the site, consisting of at least <br />40 parking stalls. <br />3. Purchase price for all of the land: $1, assuming the approved Phase 1 development is <br />completed. <br />4. Tax Increment would be available to Dennis Properties for its share of Main Street and <br />other costs. <br />5. Contingency Period: five (5) months from date of the Purchase Agreement and <br />Development Agreement. The Earnest Money is refundable during this five (5) month <br />period. Dennis Properties can extend the contingency period for another five (5) months but <br />only if $10,000 of the $20,000 Earnest Money is made nonrefundable. <br />6. We envision up to five phases, the last of which would occur prior to December 31, 2025. <br />The current plans contemplate 89,000 feet of total building space, with 200 parking stalls. This is <br />a ratio of 2.2 stalls per 1,000 square feet of space. We know that the plans do not provide for <br />adequate parking stalls at this time. But that is because our plans were specifically created with <br />the following mission: create a Downtown Hugo, with the look, feel, and function of a <br />downtown. Adequate parking is important and must be satisfied, but we did not want the "tail" <br />(parking) to wag the dog (the creation of a Downtown Hugo). <br />We look forward to working with staff to provide adequate parking, which might involve using <br />additional land owned by the EDA in the vicinity, as well as other possible solutions. <br />In addition to this letter, I am sending an image of the Phase 1 area, as well as a reiteration of the <br />Downtown Hugo Plans which we presented in 2019. <br />Very truly yours, <br />/s/ <br />Denny Trooien <br />2 <br />