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ITEM # 7. <br />tuver <br />MEMORANDUM <br />TO: Economic Development Authority <br />J <br />FROM: Heidi Steinmetz, Assistant Director of Economic Develop nt ~ 1 <br />Catherine Mehelich, Director of Economic Development] <br />(((((( <br />DATE: June 12, 2006 <br />SUBJECT: Discuss EDA Business Incubator Program Analysis <br />Attachments <br />"Characteristics of Minnesota's Business Incubators," MN Dept. of Trade & Economic <br />Development report, Febmaxy 2001 <br />"10 Keys to Incubation Success," National Business Incubation Association Website, May <br />2006 Feature <br />Background <br />In early February, former Incubator building owner Larry Hickman provided notice to the EDA <br />that he had sold the building. <br />In February, the EDA discussed the status and future of the Incubator Program per the attached <br />staff memorandum. The EDA directed staff to do the following: <br />• Complete an analysis of the pxogxam <br />• Explore options fox a new Incubator pxogxam model ox explore the options of investing the <br />Tescom loan fund balance into a new ox different economic development pxogxam (if an <br />incubator is not feasible) <br />The results of the above mentioned tasks axe provided below. <br />Program Analysis <br />A pxogxam analysis was completed via the following methods: <br />• Cost-Benefit Analysis <br />• Prospect History <br />• Cuxxent Access to Capital <br />Cost-Benefit Analysis <br />