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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> • <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: April 10, 1997 <br /> SUBJECT: Agenda Memo for April 14th EDA <br /> Meeting <br /> 5. Business Incubator Progress Report <br /> The Business Incubator Advisory Committee held its first meeting on <br /> March 25, 1997. At this meeting, staff introduced the two following <br /> Business Incubator prospects: <br /> io • Ed Palmer SolarAttic, Inc. <br /> • Tim Keefe, Jon Ylvisaker -MAS Technologies, Inc. <br /> Both companies presented information about their products and <br /> answered questions from the Advisory Committee. <br /> On March 31, 1997, the EDA entered into a sublease with SolarAttic <br /> for approximately 3,500 square feet on the first floor of the Business <br /> Incubator. The general parameters of the sublease with SolarAttic are <br /> as follows: <br /> • sublease one office space of 1,041 square feet and one <br /> assembly space of 2,505 square feet <br /> • term of the sublease is two years <br /> • cash rent in year one is $1.60 per square foot <br /> • cash rent in year two is $2.00 per square foot <br /> • stock issued to EDA - $2.00 per square foot <br /> • stock issued to Larry Hickman - $3.00 per square foot <br /> • stock issued to Genesis Business Centers- $2.00 per square <br /> foot. <br /> • <br /> 13065 Orono Parkway • P. 0. Box 490 • Elk River, MN 55330-1743• (612)441-7420 • Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />