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3. Existing companies will be considered for incubator occupancy if . <br /> either (a) it is deemed that circumstances clearly indicate that a <br /> move to the incubator will help retain and/or create jobs in Elk <br /> River that would otherwise be lost, and if those circumstances <br /> are considered to be the result of factors other than poor <br /> management or inadequate technical skills, or (b) the aim is to <br /> begin a research and/or production effort that is new and for <br /> which there is inadequate space in the company's present <br /> facility. <br /> 4. Companies must be able to demonstrate credible projections <br /> which show significant job creation and growth. <br /> 5. Companies must have a prepared and legally acceptable stock <br /> "offering statement" prior to entry into the business incubator. <br /> 6. Companies must agree to a stock "barter" transaction whereby <br /> the EDA, building owner, and business incubator consultant <br /> would be provided company stock in lieu of services rendered <br /> 7. Upon acceptance, member companies must agree to retain <br /> operations of the company within the City of Elk River for a <br /> specified period of time. <br /> 8. Companies are required to have a completed business plan and <br /> a working product prototype prior to acceptance into the <br /> incubator. • <br /> Considerations which enhance a companies eligibility for admittance to the <br /> Business Incubator: <br /> 1. Companies are considered to have the potential of creating <br /> significant employment opportunities in Elk River in the near <br /> future, provided that such business projections are deemed to be <br /> realistic. <br /> 2. Companies are involved in higher technology or energy <br /> technology related products. <br /> • <br /> eda\bincapp.doc <br />