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Consider EDA Year 2005 Budget <br /> August 9,2004 EDA Meeting <br /> Page 3 of 3 <br /> Currently two of the suites are occupied by K-Netica and Lap2 Technology. Proposed <br /> business incubator expenses include the following: <br /> Other Professional Services (Genesis Business Centers) $12,000 <br /> Legal $ 1,500 <br /> Advertising/Marketing $ 3,000 <br /> Building Rent (3 suites plus common areas) $15,000 <br /> Total Business Incubator Expenditures $31,500 <br /> Total Business Incubator Revenues $15,000 <br /> The approximate$16,500 shortfall in this budget is proposed, as it has been in the past, to <br /> be funded through the use of funds generated by Tescom Corporation's loan repayment. <br /> The cash balance in this account could fund the annual estimated financial gap of the <br /> Incubator Program through year 2009. <br /> If a new Incubator concept is considered at any time in the future, the Business Incubator <br /> Program budget would be reviewed by the EDA for adjustment. <br /> Recommendations <br /> Staff recommends the EDA consider approval of the Year 2005 EDA Budget as presented. <br /> • Staff recommends the EDA consider approval of the Year 2005 Business Incubator Budget <br /> presented. <br />