EDSR MEMORANDUM 03-09-1998 - Laserfiche WebLink

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EDA Agenda Memo March 4, 1998 Page 6 held with MAS Technologies and city staff and Roger Jenson, president of the Anoka/Sherburne County Capital Fund. It appears as though this company has again taken a significant interest in becoming a possible Elk River incubator tenant. The new CEO of MAS Technologies has informed staff that after further review and analysis it appears that a full consolidation of their operations in our incubator facility may be the best opportunity for them. At the time the new CEO, Mike Troedel, came on board with this company it had already entered into an agreement to come to the business incubator and accepted the $50,000 equity investment from the Anoka/Sherburne County Capital Fund. Mike Troedel put a hold on the company's move so that further research into the issue of splitting up their operations could be done. As it was initially planned, MAS Technologies would keep half its operation in Zumbrota and move half its operations to Elk River. It now may the intention of the company to move the entire manufacturing, administration, and marketing components of the company to the Elk River business incubator. After a good deal of consultation, review, and discussion among staff, Harlan Jacobs, and Roger Jenson, it is apparent that MAS Technologies still provides a significant positive opportunity as an di incubator company. They have made great strides in the sales of their product and have received large commitments for equity funding from the Food Fund and other private investors. Staff recommends to the EDA that we continue to pursue an arrangement for MAS Technologies to become incubator tenant number four and occupy the last ground floor space in the facility. If the EDA concurs with staffs recommendation and MAS Technologies moves forward, staff will likely bring the agreements back to the EDA at its regular meeting in April for final approval.