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Business Incubator Advisory Committee Minutes Page 2 <br /> July 16,2002 <br /> • 3.2 Financial <br /> Catherine Mehelich explained that funding for the continuance of the <br /> program, as currently structured,is limited by the availability of funds from <br /> the Tescom loan and tenant rent. Mehelich reported that several sources <br /> exist for tenants to access additional financial assistance through the City's <br /> partnerships with the Anoka Sherburne County Capital Fund, the Elk River <br /> Investment Club and the Initiative Foundation. <br /> 3.3 Structural—Space and water/sewer needs <br /> There was much discussion regarding the Incubator Program's structural <br /> needs. Catherine Mehelich expressed thanks to Larry Hickman for leasing <br /> the current space to the EDA and explained that although the space has <br /> sufficed thus far, the lack of city water and sewer limits the pool of potential <br /> tenants. Mehelich also noted that tenant issues had also taken much staff <br /> time. The Committee agreed that the Incubator space should accommodate <br /> both office and light manufacturing tenants. <br /> 4. Recommendation to EDA regarding the Incubator Program <br /> The Committee recommended that staff explore five options to present back to the <br /> Committee for review and recommendation to the EDA for ways to continue the <br /> program. <br /> Five Options <br /> • The EDA to lease space for the Incubator in the Ripplinger building <br /> (located off of Joplin St.) <br /> • Include the Incubator as part of Cymbet's expansion <br /> • The EDA to construct a building to operate the Incubator Program <br /> • Connect Incubator applicants to appropriate space in the community as <br /> available <br /> • The EDA to partner with a private entity to run the Incubator program <br /> It was the consensus of the Committee to recommend that Harlan Jacobs receive <br /> an increase from$500.00 per month to $1,000.00 per month effective January 1, <br /> 2003 for consulting services provided for the Incubator Program. Since Harlan was <br /> unable to attend this meeting he provided staff with comments regarding the issues on the agenda (see <br /> attached comments). <br /> 5. The meeting of the Incubator Advisory Committee adjourned at 5 p.m. <br /> • Heidi Hall <br /> Economic Development Assistant <br />