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EDA Agenda Memo <br /> February 4, 1998 <br /> Page 3 <br /> II February 1998. The Incubator Advisory Board unanimously supported <br /> a recommendation to,the EDA to proceed with entering into a sub- <br /> lease with Protectorcare. <br /> The details of the sublease as proposed to Protectorcare are as follows: <br /> • Space to lease - 1,561 square feet. <br /> • $10 per square foot total rent to be paid with$8 per square <br /> foot of company stock and $2 per square foot cash. <br /> • Term of lease will be from approximately the end of February <br /> 1998, to April 14, 1999 (April 14, 1999, is the date at which <br /> the current lease between the EDA and Larry Hickman is <br /> scheduled to end. Toward the end of 1998, the EDA needs to <br /> decide whether to extend the term of its lease with Larry <br /> Hickman. <br /> • Term of the lease with Protectorcare may be extended if the <br /> EDA extends its lease with Larry Hickman <br /> Paul Probst, CEO of Protectorcare will be present at the meeting to <br /> provide a short product presentation. <br /> Staff Recommendation on Protectorcare <br /> Staff recommends approval of execution of the attached Sublease and <br /> Memorandum of Understanding with Protectorcare, Inc., for occupancy <br /> of the Business Incubator facility. <br /> Watermark - The Incubator Advisory Board also met with a company <br /> called Watermark. This company currently manufactures and <br /> distributes underwater video cameras used primarily by school <br /> facilities as a training tool for swimmers. These underwater cameras <br /> are attached to a pole which records videotape of swimmers from <br /> under the water for use as an additional instructional tool. <br /> Watermark has identified a new,product line using identical <br /> technology in the fishing industry. The product is a video fish finder. <br /> This company is currently waiting for a reply to a request for $25,000 <br /> from the Anoka/Sherburne County Capital Fund and an additional <br /> $25,000 from the Central Minnesota Initiative Fund's Seed Fund <br /> Program. The company has, at this point, not come far enough to <br /> begin to negotiate a lease arrangement for incubator space. This may, <br /> however, occur rather quickly as the company is in discussion with <br /> potential partners on this project. Staff will keep the EDA updated as <br /> • to this progress. The Incubator Advisory Board recommends that the <br /> EDA and staff continue to work with Watermark and bring them back <br />