EDSR WORKSESSION MEMORANDUM 12-09-1996 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
St. Paul Medical has indicated a desire to work with the EDA to become a •
tenant in the business incubator facility. They are currently researching
availability of short term space here in Elk River until the incubator is
underway. Staff has indicated to the company that the business incubator
program has not been completely finalized, but that they would be
specifically the type of tenant which the EDA would be interested in
attracting to that project.
In addition to marketing representatives from the company, others invited to
attend this meeting include:
• Representative from the Central Minnesota Initiative Fund
• Representative from Minnesota Technology - Richard Fast
• Anoka County Capital Fund - Roger Jensen
• Genesis Business Centers - Harlan Jacobs
• Larry Hickman - Possible Business Incubator Program Participant
I would greatly encourage everyone's attendance at this worksession. St.
Paul Medical has not made a final decision regarding their move to Elk
River, and this meeting will give them the opportunity to meet the group
with which they will be working in the future as their business continues to
grow. This worksession will be an opportunity to put our best foot forward to •
bring this company to Elk River.
If you have any questions prior to this meeting, please feel free to call me at
441-4905.
c: Christoper Turnbull, St. Paul Medical
Jeanne Endahl, Central Minnesota Initiative Fund
Richard Fast, Minnesota Technology
Roger Jensen, Anoka County Capital Fund
Harlan Jacobs, Genesis Business Centers
Larry Hickman
eda\meetings\dec9mtg.doc
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