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President Weidt asked the EDA if a consultant should be hired on to complete the marketing <br />efforts and provide the City with additional marketing efforts. He asked if this would have more <br />impact. <br />Commission Denaway stated that a consultant may not be the right approach. The word of mouth <br />and networking may have more of an impact and result. Having meetings with commercial <br />realtors or brokers is a good idea. <br />The EDA generally agreed. <br />Commissioner Petty stated that the EDA or City should conduct a commercial realtor's forum <br />and present information to the realtors on Hugo. <br />The EDA generally agreed this was a good idea. President Weidt asked staff to look into having <br />a commercial realtor's forum in Hugo. <br />DISCUSSION ON THOMMES AND THOMAS PROPERTY <br />At the September meeting the EDA discussed the Thommes and Thomas property on 165th Street <br />being for sale. In 2009, the EDA discussed the purchase of the property and made a motion to <br />not purchase the property. Recently, the realtor had contacted staff again asking if the City would <br />be interested in buying the property for $50,000 per net developable acre. <br />Staff provided the EDA with the inventory of industrial lots and building available. Staff <br />recommended the EDA discuss the City's role in development and purchasing the property. <br />Commissioner Denaway stated that this property is located in an area where the City has zoned <br />property industrial. We developed the Bald Eagle Industrial Park and provided incentives to <br />businesses who located in the park. There may be another time when it will be the City's role <br />again to develop an industrial park. There also may be other ways besides acquiring properties to <br />provide incentives for businesses to locate in Hugo and to help development of the area. <br />President Weidt agreed and stated that there are several other properties that would need to be <br />acquired to make a development possible. <br />Commission Puleo asked if staff could provide an estimate on the cost to extend utilities to the <br />area. Staff stated they could provide something to the EDA at an upcoming meeting. <br />Commission Houle questioned whether the market was ready for development if the private <br />sector has not developed the property. <br />Staff stated that the main question is "what is the City's role in development?". Should be City <br />continue marketing or actually being the developer? If the market is there, private developers are <br />likely to develop the property. A reason the City would develop a property before the market is <br />ready, is they want it to move faster and want to incentivize the development. This means a high <br />risk investment and properties are likely sold at a discount. If the City decided to develop a <br />property are market study should be completed to ensure it's feasible. <br />