3.0. EDSR 03-25-1996 - Laserfiche WebLink

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03-11-1996 02:51PM 6127828578 P.02 • •Securing a high-tech business that would agree to either move its entire • operations to Elk River or to move a substantial number of its production jobs to Elk River after the company has been successfully incubated in the twin cities. The type of company to be recruited to the community shall be comparable to SurVivaLink Corporation. This company would likely require incubation in the twin cities for six to twelve months prior to the company being ready to move as described above. •Participating in a comprehensive effort to establish:a local incubator facility in Elk River in order to bring the high -tech, start-ups straight to Elk River upon their identifications rather than having to wait for a period of time prior to the 'transplantation' from a twin cities incubator facility. Gergesis shall meet with the Elk River EDA for the purpose of formulating the paralmeters for the search process for each of these three above goals and objectives. The;Municipality acknowledges that this will require an attractive economic incentive package for the company and that said package will likely require a substantial commitment of venture capital to the company for its use during its period of incubation. The services of fir. Jacobs shall be billed against a retainer at the rate of $ 125 per hour including all travel time. Mileage at the rate of $ .30 per mile shall be paid for whatever travel is necessary whether in the twin cities or between the twin cities and Elk River ( but only for mileage incurred in the strict performance of the tasks described aboi'e). Genesis shall be reimbursed by the Municipality for all reasonable out of pocket costs that may be incurred provided however that any expenditure over $100 will require the advance'approval of the Municipality. The retainer shall be $5,000 and will be provided to Genesis upon the signing of this Agreement. When the billings for time, and expenses shall have first exceeded the $ 5,000 retainer, such excess will be due and payable within ten days of presentation of the invoice to the Municipality. Thereafter, billings for time and expenses in any given month will be submittediwithin ten days following the close of each month. The terms for each invoice will be net 10. The Municipality shall have the right to terminate this consulting service contract at any time provided that all billings for services and expenses incurred prior to thb date of the receipt of the notice shall be paid in full immediately. However, the initial retainer shall not be subject to recovery in any event. This Agreement :shall be construed according to the laws of the State of Minnesota. The parties;hereby agree to binding arbitration for the resolution of ariy disputes. The parties hetebagree to be bound by the terms and conditions described above. i •