8.0. EDSR 09-08-2003 - Laserfiche WebLink

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Business Incubator Advisory Committee August 12,2003 Meeting Minutes Page 2 of 2 • in Mason City, Iowa due to offers of$200,000 in financial assistance. IntelliPatch has made application for consideration of tenancy in the Incubator for its clinical research and development, and watch engineering. Committee Discussion Following the presentations, the applicants were excused from the meeting. The committee discussed concerns of the timetable for IntelliPatch as "optimistic", however mentioned that staging of bringing the technology to market made some sense. There was also concern of whether or not competition exists for pulse watches. The committee stated concern about the separation of operation in Mason City and Elk River,but felt that if the corporate office and clinic was located in Elk River that would be sufficient. Committee members felt that Mr. Henningsgard brings considerable amount of technical experience to the proposed business. Recommendation Advisory Committee members Jeff Gongoll and Stephanie Klinzing made motion to recommend that staff offer incubator tenancy for the purpose of locating the headquarters of Lap2 Technology Corporation and IntelliPatch in the Business Incubator Program,including stock options and cash rent for the appropriate amount of space, and prepare the recommendation for EDA consideration. Review Incubator Member Company Selection Guidelines Director of Economic Development Catherine Mehelich reviewed the staff proposed changes to the Incubator Selection Guidelines. Staff proposed adding a section that would clarify and outline the application process between staff,incubator consultant, and preparation of the applicant for review by the Advisory Committee and EDA Board. Following discussion it was the consensus of the committee that the proposed amendments to the guidelines be forwarded to the EDA Board for consideration and approval. Submitted by, Catherine Mehelich Director of Economic Development •