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EDA Agenda Memo <br /> March 4, 1998 <br /> Page 4 <br /> • <br /> Recommendation <br /> Staff recommends the EDA approve the $50,000 micro loan to David <br /> Decker as part of the overall project financing for the Decker 25,000 <br /> square foot industrial project. <br /> Attachments <br /> • Micro Loan Application <br /> 7. Consider Business Incubator Sublease - Watermark. LLC <br /> Issue <br /> The issue being proposed before the EDA at this meeting is to consider <br /> authorizing execution of the necessary documents for Watermark, <br /> LLC, to become a business incubator tenant. Attached to this memo is <br /> a Business Incubator Sublease and Memorandum of Understanding. <br /> • Background <br /> Watermark, LLC and staff have been working together for <br /> approximately a six month period. Watermark came to the city <br /> through Harlan Jacobs, EDA business incubator consultant. A variety <br /> of activities have been completed with this company over the past <br /> several months including: <br /> • approval of a $25,000 investment by the Anoka/Sherburne <br /> County Capital Fund <br /> • approval of a $25,000 investment by the Central Minnesota <br /> Initiative Fund Seed Fund Program <br /> • recommendation by the Incubator;Advisory Board that the <br /> EDA approve Watermark as a businessincubator tenant. <br /> Watermark currently is a manufacturer of products in the underwater <br /> camera industry which are marketed to schools and used as training <br /> devices for the swimming industry. Watermark's intention is to <br /> continue and significantly expand the manufacturing and sales of this <br /> product as an incubator tenant. They also are expanding/diversifying <br /> their product line to introduce an underwater video fish finder. Both <br /> Michael and Maureen Gill will be available at the EDA meeting to <br /> Illpresent information about their company. <br />