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Business Incubator Program <br /> Page 2 <br /> • <br /> Lease approximately 15 000 <br /> • square feet.� <br /> • Minimum two year lease term. <br /> • Potential lease rate - approximately $1.50 per square foot. <br /> • Sublease the space to 7-10 start-up businesses at a sublease <br /> rate of approximately $2.00 per square foot. <br /> • Provide approximately $10,000 in lease hold improvements <br /> in each of the first two years. <br /> • Pay for ongoing services of Genesis Business Centers of <br /> approximately $6,000 per year. <br /> • Barter stock with each of the start-up businesses in the <br /> amount of$1.50 per square foot per year. <br /> Other general guidelines of the program might be as follows: <br /> • Retail businesses will not be considered <br /> • Businesses already established in Elk River will not be <br /> considered. <br /> • Businesses which compete exclusively in the local market <br /> with other similar local businesses will not be considered. <br /> • Focus on high tech companies which can show a <br /> ill demonstrated ability to create a specified number of high <br /> quality jobs in the Elk River area within a specified number <br /> of years. <br /> • Businesses must have a completed business plan at the time <br /> of application. <br /> • Businesses must have a marketable product (or within a <br /> couple months of marketability) at the time of application. <br /> 0 What is the anticipated timeframe for securing a space, <br /> completing lease hold improvements, and lease up? <br /> If the EDA continues to receive cooperation from the private party <br /> with which they are currently working, the timeframe would be as <br /> follows: <br /> January, 1997 Sign lease with private property <br /> owner. <br /> March, 1997 Space available - begin lease hold <br /> improvements. <br /> April, 1997 First tenant takes occupancy. <br /> December, 1997 Facility approximately 66% leased. <br />