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\ ' Item# 8 <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority i <br /> FROM: Heidi Hall, Economic Development Assistant 1W <br /> DATE: April 8, 2002 <br /> SUBJECT: Consider Extension of SolarAttic Sublease Agreement <br /> Attachments <br /> • Letter Addressed to Staff from Ed Palmer, CEO of SolarAttic <br /> • SBS Capital Fund's Investment Term Sheet for SolarAttic <br /> • • Business Incubator Selection, Guidelines & Application <br /> • SolarAttic Original Sublease and Amendment <br /> • SolarAttic Sublease, 2000-2001 <br /> • SolarAttic Sublease, 2001-2002 <br /> • Business Incubator Floor Plan, l' Floor <br /> Issue <br /> SolarAttic, a manufacturer of swimming pool heaters that draw heat from attic areas, <br /> has requested that the EDA extend their sublease in the Business Incubator Program <br /> until August 31, 2002. SolarAttic has offered the EDA shares of SolarAttic stock in <br /> exchange for 12 months of past due rent and the potential rent due from now until <br /> August 31, 2002. <br /> Background <br /> • Beginning in 1997, SolarAttic spent three years as an incubator tenant, bartering <br /> stock in lieu of cash rent. <br /> • In 2000, the EDA granted the company's request to sublease incubator space for <br /> cash rent from April 15, 2000 to April 14, 2001. <br /> • <br />