5.0. 6.0. 7.0. 8.0. 9.0. 10.0. EDSR 09-21-1998

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Special EDA Agenda Memo September 21, 1998 Page 6 • The most significant change in the EDA budget is to include 70 percent of the salary and benefits for an additional employee in the Economic Development department. The other 30 percent of such employee is proposed to be paid for by the HRA. Salary and benefits of the Economic Development Director are also being proposed to be shared by the HRA this year in the amount of 20 percent, with 40 percent being paid by the EDA and 40 percent coming from the General Fund. The following line items deserve special attention by the EDA: • Other professional services $ 6,000 - Share cost of physical design study with HRA .$6,000 • Advertising/Marketing $31,000 Minnesota Real Estate Journal - $4,500 - City Business -$6,000 - Industrial properties - $2,000 Ventures magazine - $4,500 - Print inserts/four color brochure - $2,000 Market study of CBD as part of physical design $5,000 • Website modifications -$1,000 - Marketing materials/West and East Business Park $2,000 - Community Venture Network Membership - $4,000 The bottom line of the EDA budget is that expenses are projected to exceed revenues by approximately$8,000 in 1999. Staff proposes to address this challenge by delaying the hiring of an additional employee to approximately March/April of 1999. The EDA Business Incubator budget is fairly straight forward with total expenses in the amount of approximately $39,050 projected for 1999. Revenues in the form of cash rent are projected to be approximately $11,400. These revenues may increase due to the following: • Extension of Solar Attic lease? • Extension of Protector Care lease? • Extension of Watermark lease? 40 These three leases are scheduled to end on April 15, 1999. Protector Care and Watermark have been in the incubator for one year and would likely receive a recommendation from staff and the Incubator