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MINUTES FOR THE EDA MEETING OF DECEMBER 9, 2014 <br />Weidt called the meeting to order at 5:02 pm. <br />PRESENT: Denaway, Gallivan, Houle, Klein, Petty, Puleo, and Weidt <br />ABSENT: NONE <br />STAFF: Bryan Bear, City Administrator <br />Rachel Juba, Planner <br />Connor Schaefer, Community Development Intern <br />APPROVAL OF MINUTES FOR THE EDA MEETING OF OCTOBER 10, 2014 <br />Klein made motion, Puleo seconded, to approve minutes for the EDA meeting of October 10, 2014 <br />All Ayes. Motion carried. <br />UPDATE FROM REALTOR OF CITY OWNED PROPERTY IN DOWNTOWN HUGO <br />Planner Juba gave an update regarding the City owned property in Downtown Hugo. Two months <br />ago, the EDA asked for Bill Bergeson, High Pointe Realty to report back to the EDA after two <br />months. She stated that Bergeson would present the EDA a list of contacts and market <br />comparisons. <br />Bill Bergeson, High Pointe Realty, addressed the EDA. He referenced the list of 30+ of names <br />whom he has been in contact with regarding City owned property in Downtown Hugo. He then <br />referenced a list of comparable properties. He stated it is in his opinion that the City owned <br />property has a higher value than the comparables. He stated the price of the property is not the <br />main reason for the lack of interest shown from developers, but it is due to the lack of businesses <br />that are investing in building commercial spaces. <br />Chairman Weidt asked what the next steps are. Bergeson answered saying that no similar <br />properties sold within a year. He stated that the EDA might want to discuss the price of the land. <br />He stated that the EDA should be patient with the property. <br />Commissioner Denaway asked if price flexibility has been indicated. Bergeson stated that it was <br />one of his main selling points. <br />Commissioner Puleo asked what the asking price for the land is and when it was determined. <br />Planner Juba stated that the starting price of the land is $6/square foot. She stated it was determined <br />when the City went into a contract with Wakota Commercial. She stated the price was put there <br />knowing there was flexibility for the right project. Puleo asked if sewer and water is available for <br />the City owned properties and if it is still in a tax -increment financing district. Juba answered yes <br />to both questions. <br />