6.0. EDSR 08-19-2002 - Laserfiche WebLink

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Item # 6 • City of Elk -�-1 River MEMORANDUM TO: Economic Development Authority FROM: Catherine Mehelich, Director of Economic Developmen' DATE: August 19, 2002 SUBJECT: Consider Cymbet Corporation Expansion Siting Proposal Attachments • Cymbet Corporation Company Information • Location Map—Gagne Property • Financial Package - Cymbet/Equity Proposal • • City and County TRF Projection Worksheet • Business Incubator Program Concept- Cymbet/Equity Proposal • Elk River Business Incubator Finance Summary and Projections Issue A preliminary siting proposal has been submitted by staff to Equity Management, in conjunction with Cymbet Corporation, to provide space for Cymbet's manufacturing facility and for the EDA's Business Incubator Program. Equity Management is requesting that Tax Rebate Financing be used to assist the project. Gary Santwire of River's Crossing, and Mark Wallace from Cymbet Corporation will be present at the meeting to answer any questions. Background Cymbet Corporation, formerly Integrated Power Solutions,is a 2001 graduate of the Elk River Business Incubator Program. Cymbet is a high-tech firm that has developed a process for manufacturing a solid-state, thin-film battery technology,which has many advantages and applications. Due to the size of the battery, the technology can be integrated into the circuit boards of any electronic device, thus eliminating the need for large batteries and expanding the capabilities of the device. Additionally, the battery is recharged via radio frequencies, thus eliminating the need to remove it from the device. Finally,it has a nearly infinite lifespan and will likely outlive any device it powers. This battery technology has already been developed at Oak Ridge National Laboratories, however, production methods are too costly to bring the battery to market. Founder Mark Jensen, has developed a process to manufacture such a battery at a price acceptable to the market. 11111