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the gap in funding through the private sector; there are two individuals lined up that would like a <br />part of this company. He does not want to give up any control, but will do what he needs to do. <br /> <br />Member Schindel inquired about the parameters for the funding, and whether funding a certain <br />amount would impair another project from being funded. Economic Development Coordinator <br />Sullivan replied there are not currently any limits in the revolving loan fund parameters. <br /> <br />Member Elvig noted some of the parameters the Board has discussed relate to job generation and <br />retaining the business in Ramsey. He noted this fund has been building to this point, and from <br />that standpoint he is reluctant to go higher on the loan amount. There is not a lot of track record <br />at this time; precedent will be put in place as these loans go forward. <br /> <br />Mr. Youngberg stated as far as the business being located in Ramsey, he lives 1 ½ miles from <br />City Hall and Ramsey is his first choice to locate the business. He does not envision moving the <br />business, other than from the current bay to a larger one on the other side of the building. <br /> <br />Member Kiefer suggested Mr. Youngberg may need to reconsider hiring someone to run the <br />press to facilitate the turnaround time laid out in the business plan if he will be traveling and <br />making contacts as stated in the business plan. Mr. Youngberg explained the lead time on the <br />raw materials is the biggest factor in the turnaround time; there is not a lot of labor that goes into <br />the manufacturing. <br /> <br />Chairperson Riley arrived at 7:28 a.m. <br /> <br />Member Elvig asked if Mr. Youngberg is under any type of no-competition clause at this time. <br />Mr. Youngberg responded in the negative. <br /> <br />Member Elvig inquired about the expectation for run cycles. Mr. Youngberg replied initially <br />there will be small runs, but once a device is validated through ISO and FDA requirements <br />people do not like to go to another company to have it produced due to the time and money it <br />takes to have devices qualified. <br /> <br />Member Elvig inquired if the company will have any hazardous waste issues to comply with. <br />Mr. Youngberg responded in the negative. <br /> <br />Member Elvig inquired if Mr. Youngberg has any other startup concerns. Mr. Youngberg <br />replied the cash flow is the biggest concern. However, he does not see any issues as the business <br />is there and he has so much experience in not only making catheters, but the design and unique <br />processes. <br /> <br />Member Elvig suggested it would be beneficial for the business to obtain letters of interest from <br />clients that have indicated they will be doing business with Catheter Technologies. <br /> <br />Economic Development Consultant Mulrooney requested information regarding the bank loan <br />for the business. Mr. Youngberg replied the loan has not been closed with TCF, but it can be <br /> <br />Economic Development Authority/March 8, 2006 <br /> Page 3 of 9 <br /> 3 <br /> <br /> <br />