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Item # 7 <br /> • <br /> of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Hall, Economic Development Assistant - <br /> 04 <br /> DATE: January 13, 2003 <br /> SUBJECT: Business Incubator Update <br /> Attachments <br /> • Vertical Publishing Update, E-mail Message from Vertical Publishing President Ben <br /> Moyer,December 27, 2002 <br /> • KnowledGenetica Newsletter,November 2002 <br /> • Vertical Publishing <br /> Current Incubator tenant,Vertical Publishing, enables print publishers of business <br /> magazines to place their content on the Internet. <br /> Background <br /> July 2000 Vertical Publishing enters Incubator, subleasing 2,267 SF of space <br /> Sept. 2001 EDA extends company's sublease, company moves into 1,493 SF of space <br /> July 2002 Company re-enters Incubator after not occupying space for several months <br /> Sept. 2003 EDA extends company's sublease to last until April of 2003 <br /> Issue <br /> Staff received notice from Ben Moyer that Vertical Publishing will move its offices from Elk <br /> River to St. Paul due to the reasons outlined in the attached e-mail message provided by Mr. <br /> Moyer. <br /> A regular payment schedule has been established with the company to cover the cash <br /> portion of outstanding rent. <br /> KnowledGenetica <br /> Current Incubator tenant, KnowledGenetica, develops interpretation and translation <br /> computer software to manage and reduce call center operational costs. See the attached <br /> newsletter for an update on the company. <br /> 411 <br />