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ITEM # 8. <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> CC: Harlan Jacobs, Genesis Business Centers <br /> FROM: Heidi Hall, Economic Development Assistant <br /> DATE: September 8, 2003 <br /> SUBJECT: Consider New Business Incubator Tenant: <br /> Lap2 Technology Corporation <br /> Attachments <br /> • Incubator Advisory Committee Minutes,August 12, 2003 <br /> • • Application&Presentation to Advisory Committee—Lap2 Technology Corporation <br /> Background <br /> Advisory Committee Reviews Two Incubator Applications <br /> The Incubator Advisory Committee reviewed Incubator applications from Lap2 Technology <br /> Corporation and IntelliPatch on August 12t. The Committee recommended that both <br /> companies be admitted to the Incubator Program, however IntelliPatch is not interested in <br /> entering the Incubator until financing has been secured with local investment clubs. <br /> IntelliPatch President Mike Geatz had indicated that this might not occur until mid- <br /> November. Mr. Geatz has asked for free Incubator rent in the interim. Staff does not <br /> recommend that this occur. <br /> Lap2 Technology Corporation <br /> Formed in June of 2003,Lap2 Technology Corporation proposes the following business <br /> plan activities: <br /> • Software and hardware product development <br /> • Identify new applications for high-powered hardware <br /> • Invent and develop "glue" technologies to create applications <br /> • Productize the applications with support materials and tools <br /> • Build independent business units to market the resulting products <br /> President Rob Henningsgard would like to lease Incubator Suite 130,which is 1,041 sq. ft. of <br /> . space for research and development, followed by product engineering,light manufacturing <br /> S:\Eda\BUSNSINC\EDAUpdates\2003\9-8-03.doc <br />