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2020 EDA ANNUAL REPORT I PAGE 5 <br />PURCHASE AGREEMENT: <br />CITY OWNED PROPERTY ON EGG LAKE <br />The City of Hugo has an ongoing plan to market the City owned property along Egg <br />Lake for $1.00. In order to be eligible, the development must meet a list of highly <br />desirable development criteria. The EDA decided to market the property in a specific <br />way to attract the type of development they would like to see on the property. <br />In 2019, Tony and Michele Harmening presented a concept plan for the property that <br />included a full service restaurant with future phasing to include an event center. The <br />Harmening's entered into a purchase agreement with the City and gained site plan <br />approval in April 2020 for their plan. However, due to the unfortunate state of <br />uncertainties in the restaurant business as a result of the COVID-19 pandemic, the <br />Harmening's had to terminate the purchase agreement. <br />In October 2020, Denny Trooien presented a downtown Hugo concept plan to the EDA <br />in hopes to enter into a purchase agreement with the City. The concept plan proposes <br />a mixed use development that would capitalize on the lake shore scenery of the <br />property. The plan includes spaces for restaurant and retail users and promotes <br />walkability. At their November 17, 2020 meeting, the EDA motioned to direct staff to <br />continue working on terms of the purchase agreement with Mr. Trooien and to have <br />staff bring the purchase agreement to the City Council. In December 2020, the City <br />Council made a motion to approve the draft purchase agreement subject to the City <br />Attorney and City Financial Advisers review and approval. (Images below and on pg. 4) <br />DOWNTOWN <br />HUGO PLAN <br />07.02.209 2 <br />AERIAL SITE PLAN <br />LAKESIDE BUILDINGS <br />1 ANG 2 STORY <br />oOoo EDP -HMOs <br />Collage I a r c h l t a cue <br />