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Economic Development Authority Minutes August 9, 2004 Page 3 Most recently this group decided to terminate the corporation and paid off their investors. A discussion was held and this group wanted to fulfill their mission of development in the City of Elk River resulting in this remaining money to be given to the city to be used specifically for the Elk River Incubator Program. Staff will be sending a thank you letter to the group in care of Dick Gongoll. 6. Consider Finance Committee Appointment Ms. Steinmetz explained that due to Finance Committee member Tom McNair's change of employment from First National Bank to The Bank of Elk River, there was created two representatives from The Bank of Elk River serving on the Finance Committee, Mr. McNair and Jim Simpson. Mr. Simpson has offered to resign from the Committee after 18 years of service. She explained that Dave Rymanowski, President of First National Bank of Elk River, has expressed interest in becoming a member of the EDA Finance Committee. MOVED BY COMMISSIONER TVEITE AND SECONDED BY COMMISSIONER MOTION TO APPOINT DAVE RYMANOWSKI TO THE EDA FINANCE COMMITTEE. MOTION CARRIED 5-0. Consider Business Incubator Tenant Lease Extension - K-Netica Ms. Steinmetz explained that K-Netica became an Incubator tenant in May of 2002 with six-month sublease extensions in Apri12003 and January 2004. Chief Technology Officer Joe Roushar has requested asix-month sublease extension through February 2005. Mr. Roushar gave a presentation illustrating K-Netica's (maker of ISYL Intelligent Software) progress, technical achievements, actual sales, projections, and employment. MOVED BY COMMISSIONER TVEITE AND SECONDED BY COMMISSIONER DWYER TO APPROVE THE SIX-MONTH SUBLEASE EXTENSION TO K-NETICA EFFECTIVE AUGUST 21, 2004 THROUGH FEBRUARY 20, 2005 AT THE CASH RENT RATE OF $755.66 PER MONTH. MOTION CARRIED 4-0. Gongoll abstained; he has a contractual relationship with Mr. Roushar. 8. Consider 2005 EDA and Business Incubator Bud ets Ms. Mehelich reviewed the proposed Year 2005 EDA Budget answering questions of the commission members i.e. how does proposed budget compare wish current 2004 budget; explanation of legal fees; professional services; and Chamber of Commerce 4`h of July contribution.