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Business Incubator Issues <br /> February 6, 1997 <br /> Page 7 <br /> moderate income persons receive first consideration for <br /> filling such jobs. <br /> Elk River and Sherburne County reside in the Minneapolis/St. Paul <br /> MSA and the following low-moderate income limits apply: <br /> • One person family $19,100 to $29,100 <br /> • Two person family $21,850 to $33,300 <br /> • Three person family $24,550 to $37,450 <br /> • Four person family $27,300 to $41,600 <br /> • Five person family $29,500 to $44,950 <br /> • Six person family $31,650 to $48,250 <br /> • Seven person family $33,850 to $51,600 <br /> • Eight person family $36,050 to $54,900 <br /> The job applicants current pay (prior to taking a job with a Company <br /> in the Incubator) would have to fall within these qualifications in <br /> order to be considered as an eligible low-moderate income person. <br /> Staff is currently working with job service and another agency in <br /> Monticello to research the possibility of such agencies providing a <br /> screening of applicants who meet the low-moderate income criteria <br /> Aik who then could fill positions available within the Incubator <br /> Company. Staff has also been working very closely with the <br /> Department of Trade and Economic Development to research these <br /> requirements and understand the EDA's obligation in the use of <br /> CDBG dollars for this project. <br /> IV. CONCLUSION <br /> In conclusion, it may be necessary for the EDA to hold a special <br /> meeting sometime toward the end of February in order to formally <br /> approve the lease document which will include details regarding <br /> payment of costs of leasehold improvements, the sub-lease document, <br /> and the Memorandum of Understanding. At the present time the city <br /> attorney is reviewing these documents for final modification, and, if <br /> necessary, would be available at a special meeting to address any <br /> questions the EDA might have. It appears from previous <br /> conversations that the building owner will likely want to have a lease <br /> in place, or approved by the EDA, by approximately March 1, 1997. <br /> This timeframe should allow for the contractor to complete all of the <br /> leasehold improvements within the building to provide for EDA and <br /> tenant occupancy on April 1, 1997. <br /> • <br />