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EDA Agenda Memo <br /> February 4, 1998 <br /> Page 2 <br /> IIpayments from the Tax Increment Fund to the Morrells in <br /> approximately July and December of each year in the amount of <br /> $16,666.66. The specific dates of providing this assistance will be <br /> finalized in a Tax Increment Revenue Note, the form of which will be <br /> agreed to within the Development Agreement, and the Note itself will <br /> be executed at the time of completion of their project on 171St, or <br /> approximately January 1, 1999. Staff would propose that the $50,000 <br /> up front incentive be provided to the Morrells at the time of issuance of <br /> their occupancy permit in their new facility. This provides the city <br /> with the guarantee that the facility has already been constructed and <br /> will generate tax revenues to repay the $50,000 up front assistance. <br /> Recommendation <br /> Staff recommends the following: <br /> • Approve Resolution 98- a Resolution Modifying <br /> Development District No. 1 and.Adopting the Development <br /> Program Therefor; and Establishing Within.Development <br /> District No. 1, Tax Increment Financing District No. 18, and <br /> Adopting the Related Tax Increment Financing Plan <br /> • Therefor. <br /> 6. Business Incubator Advisory Board Recommendations <br /> The Business Incubator Advisory Board met on Wednesday, February <br /> 4, 1998, to hear presentations from two business incubator prospects <br /> Protectorcare, Inc., and Watermark. <br /> Protectorcare, Inc. Protectorcare manufactures, markets, and <br /> distributes a product used as a half step stair assistance device. The <br /> product is placed on stairs in residential homes to provide assistance <br /> in walking up and down stairs. Protectorcare has manufactured <br /> numerous units of this product and has already obtained significant <br /> sales of the product. Protectorcare has been approved to receive a <br /> $25,000 equity investment from the Anoka/Sherburne County Capital <br /> Fund and is applying to receive a favorable response from the Central <br /> Minnesota Initiative Fund's Seed Fund Program in the amount of <br /> $25,000. The activities which Protectorcare will be undertaking in the <br /> incubator will be primarily final product assembly. Other activities to <br /> be undertaken will include warehousing, packaging,and distribution <br /> Ai of the product. Staff is currently in the process of negotiating a <br /> sublease for Protectorcare to occupy the incubator by the end of <br />