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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: May 10, 1999 <br /> SUBJECT: Worksession Agenda Memo <br /> Business Incubator Project Overview <br /> What follows is a proposed layout for the business incubator worksession: <br /> • 4:00 Introduction, Outline Major Issues for Discussion - Paul Steinman <br /> • 4:15 -Incubator Companies/Prospects, Other Issues-Harlan Jacobs <br /> • 4:30 Presentation of Incubator Companies - Harlan Jacobs <br /> Protectorcare, Inc. <br /> SolarAttic, Inc. <br /> Watermark, LLC <br /> MAS Technologies, Inc. <br /> • 5:30 - EDA Discussion, Q&A <br /> Issue <br /> The purpose of this meeting is to provide an overview of the business incubator <br /> project and to address questions and comments of the EDA regarding the <br /> project. April 15, 1999, marked the second year anniversary, and upon <br /> completion of two full years of operation, it appears that this is an appropriate <br /> time to review the project, including past/future challenges and EDA <br /> commitment to the project. <br /> Analysis <br /> The EDA is leasing approximately 13,186 square feet of space in the former <br /> Furniture and Things building. This was an original two year lease, however, <br /> the EDA elected to extend by an additional two years to April 14, 2001. The <br /> original two year lease was at a cost of$1.50 per square foot, the two year <br /> • extension, which we are currently in, is at a cost of$1.65 per square foot. The <br /> EDA has the ability within the lease to extend the term two more times at two <br /> 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (61.2) 441-7425 <br /> Equal Opportunity Housing and EqualOpportunity Employment <br />