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Dlvcuss ILU~ Rusmcs's Incubator Program <br />Pcbmary 13, 2U0! <br />Page 2 oF4 <br />In 2002, the EDA directed staff to research alternative building locations fox the pxogxam <br />due ro the building's lack of city services and capacity fox light assembly uses. <br />Access to Capital <br />Between 1997 and 2003, Incubator tenants enjoyed access to capital from the Anoka <br />Sherburne County Capital Fund (~SCCP) and the Elk River Investmcnt Club; however <br />neither fund has been active fox the past several years. The Initiative Foundation in Little <br />Falls still operates its Seed Capital Fund pxogxam, although the Foundation prefers to follow <br />the Lead of either the ASCCF ox the Elk River Investment Club when investing in projects. <br />Technical Assistance <br />Incubator tenants receive technical assistance from Harlan Jacobs of Genesis Business <br />Centers. The EDA has worked with Mx. Jacobs as its Incubator consultant since the <br />program's inception. He recruits & pre-qualifies Incubator prospects, assists tenants to <br />establish relationships with equity funders and aids in the process for applications to venture <br />capital funders. <br />Incubator Tenants <br />Year of Entry Company Time in Incubator Status <br />1997 SolaxAttic 5 years Operating in founder's <br /> ersonal residence <br />1998 -PxotectoxCaxe 1 year fox each All companies no longer in <br /> -Watermark company business <br /> Submersibles <br /> -MAS Technolo ies <br />2000 -Cymbet -Cymbet, 8 mos. -Cymbet leasing 14,800 SF <br /> -Vertical Publishing -Vertical Pub, 2 yrs. in Elk River <br /> -Vertical Pub. no longer in <br /> business <br />2002 -Bixby Energy -Bixby, 1 year -Bixby will soon be leasing <br /> Systems -I~-Nedca, 4 yrs. in 95,000 SF of space in <br /> -K-Netica May 06 Brooklyn Paxk (currently <br /> leasing 23,500 SF in <br /> Rogers) <br /> -K-Netica, current <br /> Incubator tenant <br />2003 -Lap2 Technology 18 mos. -Lap2 leasing 300 SF' in <br /> Cox Elk River <br />Program Budget <br />Attached axe the August 8, 2005 EDA minutes which summarize the F,DA's latest program <br />budget discussion. Also attached axe pxogxam revenues and expenditures analyses from the <br />last several years. <br />In summary, fox the last several years, there has been an approximately $16,500 shortfall in <br />revenues fox the pxogxam. The shortfall is funded by the Tescom loan fund as mentioned in <br />