EDSR WORKSESSION MEMORANDUM 12-09-1996

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MEMORANDUM Sty of Elk • River TO: Economic Development Authority Dr, FROM: Paul T. Steinman, Director of Economic Development DATE: November 26, 1996 SUBJECT: Worksession Scheduled for December 9, 1996 The purpose of this memo is to notify you of a worksession scheduled prior to the regular EDA meeting on December 9, 1996. The worksession will be for the purpose of meeting with a company called St. Paul Medical and will begin at 5 p.m. in the Training Room at City Hall. The EDA meeting will immediately follow at 6 p.m. in the Council Chambers. • St. Paul Medical is an "emerging growth" company which staff has been working with over the past couple of months regarding relocating and expanding their current business operations from Columbia Heights. St. Paul Medical is the owner of new technology in the medical field which is currently being marketed and sold in both Canada and the United States. This new technology has substantial implications in the medical marketplace and the business projects tremendous growth of their product line over the next six months. Initial funding in the start up phase for this company has come from the following: • Minnesota Technology - $150,000 • Anoka County Capital Fund - $120,000 • $1.1 million from other private sources This next phase of the project, which will involve vertical integration of their manufacturing process and relocation of their company outside the seven county metro area, is scheduled to be undertaken within the next one to three month period. Additional funding in this next phase is proposed to include another $200,000 from Minnesota Technology and, potentially, additional funding from the Anoka County Capital Fund. Total sources are anticipated to equal approximately $500,000-$700,000. • 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425