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EDSR MEMORANDUM 04-21-1997 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY • MEMORANDUM TO: Economic Development Authority FROM: Paul T. Steinman, Director of Economic Development DATE: April 10, 1997 SUBJECT: Agenda Memo for April 14th EDA Meeting 5. Business Incubator Progress Report The Business Incubator Advisory Committee held its first meeting on March 25, 1997. At this meeting, staff introduced the two following Business Incubator prospects: io • Ed Palmer SolarAttic, Inc. • Tim Keefe, Jon Ylvisaker -MAS Technologies, Inc. Both companies presented information about their products and answered questions from the Advisory Committee. On March 31, 1997, the EDA entered into a sublease with SolarAttic for approximately 3,500 square feet on the first floor of the Business Incubator. The general parameters of the sublease with SolarAttic are as follows: • sublease one office space of 1,041 square feet and one assembly space of 2,505 square feet • term of the sublease is two years • cash rent in year one is $1.60 per square foot • cash rent in year two is $2.00 per square foot • stock issued to EDA - $2.00 per square foot • stock issued to Larry Hickman - $3.00 per square foot • stock issued to Genesis Business Centers- $2.00 per square foot. • 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 MAS Technologies was the second company to meet with the Business iIncubator Advisory Committee. MAS Technologies was recently approved for, and received, a $50,000 convertible loan from the Anoka Sherburne County Capital Fund. A primary qualification for this loan was that MAS Technologies is required to relocate its administrative and assembly operations to Elk River within four months of April 1, 1997. MAS Technologies has viewed the Business Incubator space and is currently working with staff on issues related to the potential sublease. They would lease approximately 3,800 square feet in the incubator facility, leaving a total of approximately 4,000 square feet for future member companies. Improvements to the Business Incubator space are proceeding as planned and should be completed, with the exception of the bathroom facilities, on April 15, 1997. Staff continues to work on the following issues regarding the remodeling project: • Building signage • Changes to accommodate SolarAttic and MAS Technologies spaces. • 6. Discussion of Strategic Planning Presentation The Strategic Plan for Economic Development will be presented to the Mayor and City Council at a worksession on April 21, 1997, 5 to 6 p.m., in the Training Room at City Hall. Other groups invited to attend include: • EDA/HRA • Chamber Board • Utilities Commission • Planning Commission 7. Presentation of 1996 Annual Report --. 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