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A,/ <br /> Oty•lk <br /> River <br /> ELK RIVER BUSINESS INCUBATOR PROGRAM <br /> Fact Sheet <br /> History <br /> • Started 1997 <br /> • EDA leased 13,186-SF (6-suites) of former Furniture&Things building,located on East Hwy 10 <br /> EDA has accepted a total of 8 companies into the program,including: <br /> • Solar Attic— March 1997 <br /> • ProtectorCare, Inc. - Feb. 1998 <br /> • Watermark Submersibles, Inc. -March 1998 <br /> • MAS Technologies -May 1998 <br /> • Cymbet (formerly Integrated Power Solutions) -Aug. 2000 (Graduate) <br /> • Vertical Publishing— July 2000 <br /> • KnowledGenetica Corporation— May 2002, Current Tenant <br /> • Bixby Energy Systems, Inc.— Dec. 2001 (Graduate) <br /> Partnerships— (see attached advertisement) <br /> Needs of early stage high-tech companies: <br /> I. Capital—includes location requirements for operations of company <br /> a. Anoka-Sherburne County Capital Fund/Anoka Investment Club <br /> - Up to $50,000 total <br /> b. Elk River Investment Club (contact Dick Gongoll 763-241-3607) <br /> - Up to $25,000 <br /> c. Initiative Foundation (Central MN Region) www.ifound.org <br /> - $25,000 - $50,000 <br /> II. Space <br /> a. Elk River Business Incubator <br /> Currently leasing 9,789-SF (5 suites) <br /> Source: Federal Community Development Block Grant provided as loan to Tescom <br /> Repayment of loan/grant to City is used to fund the Business Incubator Program in <br /> supplement to the portion of cash rent received from tenants. <br /> b. EDA in turn subleases to early stage high technology companies for up to 2-years <br /> Rent structure consists of 30% cash rent&70%rent in stock value. <br /> • <br />