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MINUTES FOR THE EDA MEETING OF OCTOBER 8.2013 <br />Weidt called the meeting to order at 5:15 pm. <br />PRESENT: Arcand, Denaway, Gallivan, Klein, Puleo, and Weidt <br />ABSENT: Bever <br />STAFF: Bryan Bear, City Administrator <br />Rachel Juba, Planner <br />Eric Maass, Community Development Intern <br />APPROVAL OF MINUTES FOR THE EDA MEETING OF SEPTEMBER 10, <br />2013 <br />Klein made motion, Denaway seconded, to approve minutes for the EDA meeting of <br />September 10, 2013. <br />All ayes. Motion carried. <br />UPDATE ON MARKETING RFO <br />Rachel requested that Bryan provide the EDA with an update on his talks with the <br />Lakeshore Players Theatre. Their interest in the land was important information for the <br />EDA to consider as they moved forward with the potential selection of a marketing firm. <br />Bryan informed the EDA that the City of Hugo was one of the locations being considered <br />by the Lakeshore Players Theatre. The new theatre would have an approximate seating <br />capacity of 286, and cost the Lakeshore Players about 4.5 million dollars to construct. <br />Bryan stated he would inform the EDA when he received an update. <br />Staff informed the EDA that they had received four applications from the marketing <br />RFQ. The applicants were: Coldwell Banker, Bill Lentsch, Wakota Commercial <br />Advisors/High Pointe Realty, and Northco Real Estate Services. Coldwell Banker and <br />Bill Lentsch failed to provide much of the requested material located in the RFQ. <br />Wakota Commerical Advisors/High Point Realty and Northco Real Estate Services <br />provided much more complete applications. Wakota stated that they would require a 7% <br />commission upon the sale of the land, or an 8.5% commission if the sale was a co - <br />brokered transaction. Wakota stated they would complete a web based marketing <br />campaign in addition to cold calling potential buyers, and providing signage on the <br />property. Wakota demonstrated their experience with restaurants and commercial <br />properties through a listing of successfully completed projects. Northco Real Estate <br />Services stated they required a $0.50/square foot commission upon the sale of the land. <br />Northco stated they would complete a web based marketing plan in addition to <br />completing cold calls, creation and distribution of marketing brochures, as well as <br />providing signage on the property. Northco demonstrated their experience with <br />commercial and restaurant properties with a list of successful clients served. <br />