5.0. EDSR 10-14-2002 - Laserfiche WebLink

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MEETING OF THE ELK RIVER • BUSINESS INCUBATOR ADVISORY COMMITTEE HELD AT THE ELK RIVER BUSINESS INCUBATOR TUESDAY, SEPTEMBER 17, 2002 Members Present: Louise Kuester,Jim Barthel,Larry Hickman, &Jeff Gongoll Members Absent: Mayor Stephaie Klinzing&Jack Mowry Staff Present: Economic Development Assistant Heidi Hall 1. New Incubator Space Concept as Part of Cymbet's Expansion Staff reviewed the Incubator Concept as proposed in the City's expansion proposal submitted to Cymbet Corporation and Equity Management,in which Equity Management will construct and lease a 50,000 SF building to Cymbet. In addition, Equity Management has indicated interest in providing 10,000 SF as dedicated lease space for Incubator tenants. The Committee expressed approval of the concept but is aware that the City is awaiting Cymbet and Equity Management's approval of the expansion proposal. 2. Current Incubator Lease S The Committee agreed that since the Incubator concept in relation to Cymbet's expansion proposal is still conceptual, that it is important that Incubator space is available in the meantime and that the current Incubator space will suffice for the next 1-2 years. 3. Role of Advisory Committee At the July 16th meeting, there was some concern that the Committee's role in the Incubator Program had become a"rubber stamp" process. Therefore, the Committee discussed several options to more clearly define their role as a committee. • Combine the Incubator Advisory Committee with the Finance Committee to allow for a more diverse committee. • Hold an annual Incubator Open House to provide Committee members with an opportunity to meet new tenants and greet old ones. 4. Recommendation to EDA regarding Current Incubator Lease The Committee recommended that the EDA consider a lease renewal with building owner, Larry Hickman for at least 1-2 years. 5. The meeting of the Incubator Advisory Committee adjourned at 5 p.m. Aba.- 1 Heidi Hall • Economic Development Assistant