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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> 0 <br /> MEMORANDUM <br /> TO: Economic Development Authority iFROM: Paul T. Steinman, Director of Eco omic <br /> Development <br /> DATE: February 6, 1997 <br /> i <br /> SUBJECT: Agenda Item#6 <br /> I. PURPOSE OF MEMO <br /> The purpose of this memo is to outline a discussion of the major <br /> parameters of the proposed Business Incubator lease with Larry <br /> Hickman, the EDA sub-lease, and Memorandum of Understanding. <br /> • II. O VERVIEW <br /> Staff has been working these past months with Larry Hickman, in an <br /> effort to agree upon a lease concept for approximately 10-15,000 square <br /> feet of space in the Furniture and Things building on east Highway 10. <br /> Hickman plans to vacate this space by approximately mid-February, <br /> making it available for leasing by the EDA for use as a Business <br /> Incubator. <br /> Staff has been working with Larry Hickman's contractor to lay out <br /> some possible build-out scenarios for the EDA space. This space build- <br /> out includes construction of bathroom facilities and various walls and <br /> corridors in order to accommodate up to 6 or 7 tenants. Hickman's <br /> contractor is currently in the process of estimating a cost to complete <br /> such improvements. <br /> Staff and Harlan Jacobs have currently identified four potential <br /> Business Incubator prospects. One of these prospects has met with the <br /> EDA individually and provided its product presentation. Staff will be <br /> working with additional prospects to set a time when each could <br /> do <br /> appear before the EDA and make their product presentation. <br /> 13065 Orono Parkway •`P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425. <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />