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Item Itt 8 <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Hall, Economic Development Assistant <br /> DATE: April 14, 2003 <br /> SUBJECT: Consider Business Incubator Lease Extension for <br /> KnowledGenetica <br /> Attachment <br /> • KnowledGenetica Power Point Presentation <br /> • KnowledGenetica Newsletter, March 2003 <br /> • • KnowledGenetica Press Release, March 28, 2003 <br /> Prior to the EDA's consideration to extend KnowledGentica s sublease,Joe Roushar, Chief Technology <br /> Officer, will provide the EDA with a ten-minute company update (see attached Power Point presentation) <br /> followed by a brief question and answer session. <br /> Background <br /> KnowledGenetica became an Incubator tenant in May of 2002, subleasing 2,267 SF of space. <br /> For the past year, the company has made timely cash rent payments in the amount of <br /> $566.75 per month. <br /> KnowledGenetica is developing a universal human language translator that will be utilized <br /> through computer software. The software has a number of key applications for commercial, <br /> government, military, and personal use. <br /> Issue <br /> Mr. Roushar has requested that the EDA consider a six-month sublease extension for <br /> KnowledGenetica. At the end of the 6-month extension, Mr. Roushar forecasts that the <br /> company will expand within the City of Elk River. <br /> Staff Recommendation <br /> Staff recommends that the EDA consider granting a 6-month sublease extension to <br /> KnowledGenetica. <br /> • <br />