6.0. EDSR 10-14-1996 - Laserfiche WebLink

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ELK RIVER BUSINESS INCUBATOR MODEL 4 %1 Scenario A: Former Administration Building City/Economic Development Authority commitments • To guarantee payment of operating costs, including taxes, on the facility throughout the period of the lease. • To lease up and manage the facility. • To immediately create 15 -25 jobs and provide an opportunity for future growth of these companies in Elk River and Sherburne County. County Board commitments • To provide the building for use as a business incubator for the period of two full years. • To provide grounds, and building maintenance services for the same period including lawnmowing, snow removal, general bldg. maintenance. • To remain open to an ongoing relationship with the City if the program is deemed successful. Former Administration building - 16,000 sf: • EXPENSES: • Annual operating costs, including taxes, electricity, gas, sewer/water: $2.00 psf- 2.25 psf $32,000 - 36,000 Total $32,000 - 36,000 INCOME: • Rental income $2.00 psf-2.25 psf $32,000 - 36,000 • Genesis $ ?? • EDA $ ?? Total $32,000 - 36,000 Scenario B: Private property (10 - 15,000 square feet) City/Economic Development Authority commitments • To guarantee payment of operating costs, including taxes, on the space throughout the lease period. • To lease up and manage the space. • • To immediately create 15 - 25 jobs and provide an opportunity for future growth of these companies in Elk River.