08-19-2002 EDA MIN - SPECIAL - Laserfiche WebLink

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Economic Development Authority Minutes August 19, 2002 Page 3 • BUSINESS RETENTION JOBS WILL BE CONSIDERED ON AONE-FOR-ONE MATCH TO JOB CREATION ONLY IN CASES WHERE JOB LOSS IS SPECIFIC AND DEMONSTRABLE IN ACCORDANCE WITH THE MN BUSINESS SUBSIDY LAW. EVIDENCE MAY INCLUDE DOCUMENTATION THAT THE COMPANY WILL HAVE TO CLOSE INVOLUNTARILY, OR THE COMPANY HAS RECEIVED AN ATTRACTIVE OFFER TO MOVE TO ANOTHER STATE OR COMMUNITY. (SECTION IV.J.) OFFICE FACILITIES REMAIN ELIGIBLE FOR TRF BUT WITH THE MINIMUM REQUIREMENTS OF 25,000 SQUARE FEET NEW CONSTRUCTION AND RESULT IN A MINIMUM MARKET VALUE OF $1,000,000 UPON PROJECT COMPLETION. (SECTION V.B.) THE DEVELOPER SHALL DEMONSTRATE THAT THE PROJECT IS NOT FINANCIALLY FEASIBLE BUT-FORTHE USE OF TRF. EVALUATION OF THE PROJECT'S FINANCIAL FEASIBILITY WITHOUT TRF SHALL BE PROVIDED BY THE CITY'S FINANCIAL ADVISOR ON REQUESTS OF OVER $25,000 TOTAL. THE COST OF FINANCIAL REVIEW AND LEGAL SERVICES WILL BE DEDUCTED FROM THE $5,000 APPLICATION FEE. (SECTION V.C. & SECTION VII.A.1.) • AN ITEMIZED PROJECT CONSTRUCTION STATEMENT IS AMONG THE LIST OF REQUIRED APPLICATION DOCUMENTATION. (SECTION VIII.E.J.) COMMISSIONER KOENIG SECONDED THE MOTION. THE MOTION CARRIED 7-0. 5. Consider City of Elk River Business Subsidy Policy This item has been postponed until the September 9, 2002 EDA meeting. 6. Consider Cvmbet Corporltion Expansion Siting Proposal Director of Economic Development Catherine Mehelich stated that a preliminary siting proposal has been submitted by staff to Equity Management to provide space for Cymbet's manufacturing facility and fox the EDA's Business Incubator Program. She gave some background information of Cymbet Corporation and discussed the expansion siting proposal and the business incubator concept. She stated that the EDA would not be committed to paying rent and would not have to be involved with any stock participation. Ms. Mehelich stated that the annual expense in the new incubator building would be a retainer fee to Genesis Business Center for providing technical assistance. Mark Wallate, Director of Manufacturing Development for Cvmbet Corporation - Discussed the development and technical path of Cymbet Corporation.