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2015.04.14 EDA Agenda Packet
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2015.04.14 EDA Agenda Packet
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Commissions
Meeting Date
4/14/2015
Document Type
Agenda/Packets
Commission Name
EDA
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Rosemary Way is Build with New Assessment Policy <br />In 2013, the City Council revised <br />the assessment policy to allow City <br />financing through assessments un- <br />der certain conditions, including <br />projects with commercial and in- <br />dustrial economic development <br />potential. A property owner in the <br />Frenchman Place development re- <br />ceived approval of an assessment <br />agreement to build Rosemary Way <br />in an effort to spur economic de- <br />velopment in the area. This fall the <br />road was constructed. <br />EDA Commissioners Conduct Business Visits <br />Over the 2014 year, with the help of the Hugo Area Business Association (HBA), the EDA has visit- <br />ed businesses within Hugo. The businesses that were visited include Children's Hospital Clinic and <br />HealthPartners Clinic, Micra Manufacturing, and Gallivan Insurance. The EDA Commissioners are <br />there to help the business owners and encourage recommendations on how to keep Hugo a busi- <br />ness friendly community. <br />Update to the Downtown Market Study <br />In addition to marketing the City owned property in <br />downtown, the City updated an existing market <br />study for the downtown area funded by a Metropoli- <br />tan Council Livable Communities Grant. Maxfield Re- <br />search Inc. completed a market study in 2005 and <br />was engaged to update the study in 2013. The scope <br />of the market study included demographics, market <br />conditions, and evaluation of the market potential <br />for commercial uses. The study outlines several find- <br />ings including a mix of development that is viable for <br />downtown and suggestions on vacant parcels of land. <br />The suggested uses include restaurants, offices, spe- <br />cialty stores, housing, and a small hotel. The market <br />study also provided recommendations for a strategic <br />plan to market and development the downtown area. <br />The market study will help guide development in <br />downtown, as well as, provide potential business <br />owners information on the market in Hugo. There is <br />exciting information in the study and the full docu- <br />ment can be found on the City website. <br />Downtown Hugo <br />Market Demand Surnmary <br />0 <br />Housin Commercial <br />333 Units 76,000 Sq Ft <br />35 Acres 8 Acres <br />General Rental Retail <br />100 Units 47,000 Sq Ft <br />10 Acres 4 Acres <br />Far -Sale MF Office <br />75 Units 29,000 Sq Ft <br />9 Acres 2 Acres <br />Senior Hotel <br />158 Units 50 Rooms <br />16 Acres 2 Acres <br />0 <br />
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