7.0. EDSR 11-13-2001 - Laserfiche WebLink

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• • Item# 7 City of Elk -�-- River MEMORANDUM TO: Economic Development Authority FROM: Catherine Mehelich, Director of Economic Developmen DATE: November 13, 2001 SUBJECT: Incubator Application: Bixby Energy Systems, Inc. Issue Bixby Energy Systems, Inc. has submitted an application for consideration of admittance to the Elk River Business Incubator Program. Bixby Energy Systems, Inc. has developed a high technology, state-of-the-art biomass heat and electrical energy producing system that is ready for production and sales. Bob Walker, President and CEO,will be in attendance to provide a short presentation on the company and its plans. Attachments • Application—Bixby Energy Systems, Inc. • Incubator Advisory Board November 7, 2001 minutes • Elk River Business Incubator Member Company Selection Guidelines Background Bixby Energy Systems, Inc. has developed a biomass based heat and electrical energy producing system that is scaleable for both the consumer and commercial market. The company is prepared to begin production of its biomass heating systems and bring it to market. Bixby is currently evaluating lease space in Elk River for its production and assembly. Since the Incubator building cannot meet this type of use, Bixby would like to lease space in the Incubator for its corporate office, sales and administration until the company is ready to expand to combine its operations in a single new building. The requested 2000 SF of incubator office space will allow the company to further establish itself and conduct business with vendors and investors,while keeping its initial manufacturing operation nearby in Elk River. Bixby has recently presented and was well received by the Anoka/Sherburne County Capital Fund for an investment of approximately$25,000. The company is continuing to seek other investments to meet its $1,000,000 goal. The company has secured over $400,000 in investments to date.