07-09-2001 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes Jnly 9, tool ~~ Business Incubator Six Month Review Page 2 Assistant Director of Economic Development Marc Nevinski updated the EDA on the stems of the Business Incubator companies and prospects. He noted that Cymbet Corporation has graduated from the incubator and moved into the West Business Paxk. Marc stated that Vertical Publishing is presently the only company in the incubator program. As Eor Future prospects, Marc stated that staff would be working with three current prospects and will also explore the opportunities of the new technology transfer program from the U of M. Marc reviewed a memo from Harlan Jacobs that gave a recap of the venture capital market. Commissioner Dwyer indicated his concern as to whether the cost for Harlan Jacob's time was justified. Marc Nevinski and Catherine Mehelich indicated that they felt the money spent for the services provided was justified. 7. Consider Renegotiation of Incubator Lease Marc Nevinski indicated that due to the high vacancy rate of the incubator building, staff has considered the possibility of reducing the lease space He noted that owner of the building, Larry Hickman, is open to the idea of amending the existing lease to reduce the amount of space that the city leases. Marc stated that currently the EDA leases 13, 186 square feet of space. He suggested reducing the space to 4,000 - 8,000 square feet with the option of being able to retain an option in the lease agreement to lease the remaining space on an as needed basis. Following discussion by the EDA, it was the consensus to reduce the lease space to 8,000 square feet. COMMISSIONER TVEITE MOVED TO RENEGOTIATE THE BUSINESS INCUBATOR LEASE WITH MR. LARRY HICKMAN TO ALLOW THE EDA TO LEASE 8,000 SQUARE FEET AND TO HAVE THE OPTION TO LEASE REMAINING SPACE ON AN AS NEEDED BASIS. COMMISSIONER MOTIN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 8. Consider RezoninP of Flk River Station from Il R fight Industrial to PLiD (Planned Unit Development Catherine Mehelich noted that this issue is before the EDA because the EDA has requested to review all rezonings from industrial to residential or commercial. She explained that the Elk River Station PUD contains 7-8 acres currently zoned light industrial that are proposed to be rezoned to PUD. Commissioner Dwyer noted that the proposed commerual property is a trade off for the light industrial land that will be lost. He noted the importance of the EDA monitoring rezonings to ensure that the industrial property base remains stable. Commissioner Klittzing indicated that she did not feel the Council members on the EDA should make a recommendation either for or against the project until the Council has had the opportunity to receive public input at a public heating. She noted that the public may perceive it as the Council already having its mind made up on the project prior to receiving public input Following discussion, it was the consensus that it is still important for the EDA to review the plats in order to preserve the industrial land base and further [o only pass onto the CouncIl concerns of the EDA regarding loss of industrial property.