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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> • <br /> • <br /> TO: Economic Development Authority <br /> FROM: • William Rubin, Executive Direct T . <br /> - DATE: February 12, 1996 <br /> • SUBJECT: Agenda Memo for February.12, 1996, <br /> • EDA Meeting <br /> EDA Agenda Memo <br /> February 12, 1996 Page 2 • <br /> 9. • Business Incubator <br /> An opportunity was recently extended to attend an open house and <br /> tour of what appears to be a successful business incubator in Columbia <br /> Heights, Minnesota. Previously, the Elk River EDA explored the• • <br /> concept of a business incubator in the early 1990's. By definition, an <br /> incubator is intended to provide low-cost space for newly-formed or . <br /> emerging companies. Companies obtain discounted office and <br /> production space, and often times, they are able to obtain clerical <br /> services, business counseling services, and tooling and machining <br /> space in the same facility. As companies complete their R & D phase, - <br /> they are expected to leave the incubator and relocate into space that is . <br /> more market rate. Another option, however, is for the company to • <br /> remain in the incubator, but to begin paying market rate for its space. <br />