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If you need accommodations for the EDA meeting please contact <br />Rachel Juba at (651) 762-6304 or rjuba@ci.hugo.mn.us, thank you. <br />Background memo for the EDA Meeting of Tuesday, March 15, 2022 <br /> <br />3. Approval of Minutes <br /> <br />Staff recommends approval of the minutes from the February 15, 2022 EDA Meeting as <br />presented. <br /> <br />4. Update on Downtown Development <br /> <br />Denny Trooien, Of Dennis Properties has the purchase agreement on the City owned property <br />in downtown would like to provide an update to the EDA on the proposed project. Mr. Trooien <br />is also requesting the EDA to consider a purchase agreement amendment to extend the closing <br />dates and completed construction dates. The existing closing date for the first phase is May 20, <br />2022. He is requesting for the first phase closing date to be September 20, 2022, with the <br />availability to extend with written notice to January 31, 2023. He is also requesting a 1-year <br />extension of on the closing date for the second phase. He is requesting the completion of the <br />first phase construction to be extended from December 31, 2022, to December 31, 2023. If <br />approved, the purchase agreement exhibit dates will be updated accordingly. Denny Trooien <br />will be attending the EDA meeting via Zoom. <br /> <br /> <br />