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03-11-1996 02:50PM 6127E29579 P.01 <br /> Genesis Business Centers, Ltd. <br /> 3989 .Central Ave. N.E., Suite 620 <br /> Columbia Heights, MN., 55421 <br /> Tel 612 782 8576 <br /> ' Fax 612 782 8578 <br /> email: TEDatGENESIS@eWorld.c.om <br /> 11 March 1996 <br /> Mr. Pat Klaers <br /> EDA Office <br /> Citykof Elk River, Minnesota; <br /> Re: 'Retainer Agreement <br /> Dear Mr. Klaers: <br /> Genesis Business Centers, Ltd. ( Genesis ) is pleased to offer the services of its <br /> principal, Mr. Harlan iJacobs, for the purpose of providing certain economic <br /> development services ( as described below) to the Municipality Of Elk River, Minnesota <br /> ( the "Municipality"). Genesis holds itself as being experienced in the field of economic <br /> development services as this phrase pertains to recruiting certain existing and new <br /> businesses to a new:location:as further described below. <br /> The Municipality is interested in receiving certain professional consulting <br /> services from Genesis to assist the Municipality towards the simultaneous attainment <br /> of each of the following three goals and objectives: <br /> -Securing an operating businesses that would move to Elk River. Minnesota <br /> provide quality ( `;living wage') jobs paying wages or salaries at prevailing <br /> rates for the community. The type of company to be:recruited to the community: <br /> shall be comparable to Precision Industrial Power, a new'business established <br /> by Mr. Ery Walvatne: (Note: Mr. Walvatne is scheduled to'introduce his company <br /> to the Elk River EDA'task force on 13 March 1996.) This company would move <br /> its operations to Elk River as quickly as possible but not later than three months; <br /> afterhaving signed an Agreement to move to Elk River. The Municipality hereby <br /> expressly agrees-and acknowledges that any prospective company that would <br /> agree to move to River would require a negotiated package of economic <br /> incentives including but not limited to providing working capital ( whether in the <br /> form of debt or e9uity funds), attractive lease rates for suitable space, training <br /> programs, and the like. It is anticipated that the Anoka County Capital Fund <br /> and/or the Central Minnesota Initiative Fund, SotaTech, Blandin Foundation, <br /> et al. would be encouraged to participate in making equity and debt capital <br /> • ; available to these new businesses. <br /> i <br /> • <br />