8.0. EDSR 01-12-2004 ITEM 1 8.
•
City of
Elk -�-1
River
MEMORANDUM
TO: Economic Development Authority
FROM: Heidi Steinmetz, Assistant Director of Economic Development VS
DATE: January 12, 2004
SUBJECT: Consider Business Incubator Lease Extension for
KnowledGenetica
Background
KnowledGenetica, or K-Netica,became an Incubator tenant in May of 2002, subleasing
2,267 SF of space. The EDA granted the company a six-month sublease extension in April
2003. To date, the company has made timely cash rent payments in the amount of$566.75
per month.
K-Netica is developing a universal human language translator that will be utilized through
computer software. The software has a number of key applications for commercial,
government, military, and personal use.
Issue
Joe Roushar, Chief Technology Officer, has requested that the EDA consider a six-month
sublease extension effective November 21, 2003 through May 20, 2004.
Mr. Roushar will be in attendance to provide the EDA with a brief company update
followed by a brief question and answer session.
Staff Recommendation
Staff recommends that the EDA consider granting a 9-12 month sublease extension to allow
an additional cushion of time for the company to secure adequate expansion space in the
City of Elk River.