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ITEM 1 8. <br /> • <br /> City of <br /> Elk -�-1 <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development VS <br /> DATE: January 12, 2004 <br /> SUBJECT: Consider Business Incubator Lease Extension for <br /> KnowledGenetica <br /> Background <br /> KnowledGenetica, or K-Netica,became an Incubator tenant in May of 2002, subleasing <br /> 2,267 SF of space. The EDA granted the company a six-month sublease extension in April <br /> 2003. To date, the company has made timely cash rent payments in the amount of$566.75 <br /> per month. <br /> K-Netica is developing a universal human language translator that will be utilized through <br /> computer software. The software has a number of key applications for commercial, <br /> government, military, and personal use. <br /> Issue <br /> Joe Roushar, Chief Technology Officer, has requested that the EDA consider a six-month <br /> sublease extension effective November 21, 2003 through May 20, 2004. <br /> Mr. Roushar will be in attendance to provide the EDA with a brief company update <br /> followed by a brief question and answer session. <br /> Staff Recommendation <br /> Staff recommends that the EDA consider granting a 9-12 month sublease extension to allow <br /> an additional cushion of time for the company to secure adequate expansion space in the <br /> City of Elk River. <br />