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EDA Agenda Memo <br /> April 9, 1998 <br /> Page 2 <br /> Staff feels that with development of the Vandenberge property into a <br /> business park as part of the Hohlen mixed use development, this will <br /> set the standard for a great portion of this area to develop in a <br /> comparable manner. Staff feels, in an effort to maximize the potential <br /> of our available industrial property, that as much land as possible be <br /> zoned to allow a higher value "institutional" grade development, such <br /> as "Business Park"would allow. <br /> Recommendation <br /> Staff recommends that the EDA support a recommendation to the City <br /> Council the two areas currently under consideration by the City <br /> Council for rezoning, including the Brown property and the area lying <br /> between County Road 12 and 13, be rezoned to BP (business park). <br /> 6. Consider MAS Technologies Business Incubator Lease <br /> MAS Technologies has been discussing a possible Business Incubator <br /> location in Elk River for approximately one year. Over the course of <br /> that year, MAS Technologies has gone through some changes typical <br /> of small, fast growing, high technology companies. A couple major <br /> • events have occurred with the company over the past several months <br /> which now have placed them in a position to begin serious <br /> negotiations on a lease arrangement in the Elk River Business <br /> Incubator. These changes include,hiring a new CEO, Mike Troedel, <br /> closing on approximately $600,000 in financing from the Food Fund, <br /> and expanding sales and production to a point where they can no <br /> longer meet their needs in their current space. <br /> MAS Technologies made a presentation to the Business Incubator <br /> Advisory Board on Wednesday, May 6, 1998. The company had been <br /> before the Advisory Board previously, but due to the number of <br /> changes which have occurred over the past year,staff felt it was <br /> appropriate to have the Advisory Board review MAS Technologies and <br /> make another recommendation to the EDA regarding their possible <br /> location in the Business Incubator. After the presentation by MAS <br /> Technologies to the Business Incubator Advisory Board, the board <br /> unanimously supported recommending to the EDA that the company <br /> be allowed to enter the Business Incubator program as our fourth <br /> member company. <br /> At this time staff would like to discuss the major parameters of the <br /> • lease concept with the EDA: <br /> • two year lease of 2,267 square feet <br />