9.1. EDSR 08-11-2003 - Laserfiche WebLink

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• • Other Professional Services $ 10,000 o Ehlers&Assoc.,HRGreen, etc. services • Telephone (shared with HRA) $ 200 • Postage (some shared with HRA) $ 1,500 • Travel,Conference&Schools (shared with HRA) $ 6,000 • Advertising/Marketing $ 53,500 o Economic Development Web Site updates - $1,000 o New Industrial Park Signage - $ 0 o Advertising (Production&Publication) - $28,500 o Public Relations (Production&Print) - $17,000 o Community Profile (Design&Print) - $1,500 o MN Technology Partnership Assistance Program- $5,000 o Elk River Rotary Membership - $ 500 (was previously in Dues line item) • Publishing $ 1,000 • Insurance $ 500 • Dues&Subscriptions (shared with HRA) $ 1,150 • Miscellaneous o Chamber of Commerce July 4th contribution $ 6,000 • Transfer out to General Fund for support staff, etc. $22,950 • Total EDA Year 2003 Proposed Expenditures $212,300 Total EDA Year 2004 Projected Revenues $235,850 Please note that the proposed budget does not include a contribution to the Initiative Foundation in 2004. The EDA budgeted a$5,000 contribution for year 2003. In years 1989 and 1998 the City/EDA contributed a total of$5,000. Staff recommends that commencing 2004,the EDA consider either a biannual contribution in the amount of$5,000 or an annual contribution of$2,500 to the Initiative Foundation,up to the total amount requested from the City of Elk River ($9,929 net balance). Information about the Initiative Foundation's request is attached. Business Incubator Budget Summary The EDA Business Incubator budget is based upon the assumption that the program continues as it has over the past six years in Larry Hickman's building space. In January of this year the EDA reduced the lease space to 3 suites for a 2-year extension on the Business Incubator lease with Mr.Hickman. The building owner handles the building maintenance. Staff continues to explore options for more "technology-friendly" space. The EDA Business Incubator budget includes projected revenue from rent expected in the amount of$15,000 in 2004, assuming 65% occupancy. The projected rent revenue also assumes increasing the cash rent per square foot from$3 to $4. A base rent value of$10.00 . per square foot has been used to determine the cash rent/stock value conversion.