EDSR MEMORANDUM 07-14-1997 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
• _ MEMORANDUM
TO: Economic Development Authority
FROM: Paul T. Steinman, Director of Economic
Development
DATE: July 11, 1997
SUBJECT: Agenda Memo for July 14, 1997, EDA
Meeting
5. Review Video Modifications
Attached is a draft of a new script for the Elk River marketing video.
This draftincludes all of the new shots which are proposed to be taken
and incorporated into the video.
If the weather is acceptable, the new shots will be taken on Friday,
July 18, 1997.
• The purpose of this item is so that the EDA can review and comment
on the proposed draft and make suggestions for shots which have been
inadvertently excluded.
6. Business Park Negotiation
The City Council granted approval for funding from the Council
Contingency Fund to work with City Attorney David Sellergren on
negotiation of joint development agreements in the West Business
Park. Staff has set up a meeting with Tony Emmerich to begin this
process and intends to bring back to the EDA a draft agreement at its
August meeting.
7. Other Business/Updates
Staff provides the following updates:
1. Business Incubator
Attached to this memo is an update notice from
SolarAttic, Inc., the first incubator tenant. SolarAttic,
13065 Orono Parkway • P. 0. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420• Fax (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
Inc., indicates in its update notice that they are now in
1111 the process of completing a Direct Public Offering and
have also put in place a Florida,based distributorship
from which they are expecting ten additional orders for a
total of approximately 100 sales by year end 1997.
2. MAS Technologies
Numerous positive things have been happening at MAS
Technologies. They are still intending to have a presence
in the Elk River Business Incubator by August 1, 1997.
They are planning a trip to Elk River shortly to provide
staff with final modifications on their space to
accommodate them.
Positive developments which have been occurring with
MAS Technologies:
• The Food Fund(an equity fund) has approved
and investment of between $600,000 and $1
million at $.50 per share in the company.
• Hiring a new chief executive officer.
• Hiring a new sales person.
• • Terminated sales agreement with TCI due to a
perceived advantage in completing these
activities in house.
• Things are going very well with establishing the
Japanese distributorship for their products.
3. Snyder Building
Staff has been working closely with Giles Lenzmeier,
manager of the trust which is in charge of the former
Snyder Drug building in downtown. He appears to be
prepared at this time to proceed with some improvements
to that building to make the main floor leaseable. These
improvements include new heating, ventilation, air
conditioning, and bathroom facilities. There also appears
to be a restaurant use which is interested in leasing the
space. Staff will provide a further update at the meeting
on this issue.