HomeMy WebLinkAbout2014 08 25 Regular 600 UCF Incubator Funding Agreement Discussion COMMISSION AGENDA
Informational
Consent
ITEM 600 Public Hearings
g
Regular X
August 25, 2014 KS RS
Regular Meeting City Manager Department
REQUEST:
The City Manager and the Community Development Department requests that the City
Commission review and discuss the current status of the UCF Incubator funding and
provide direction to staff concerning the continuance of the City's funding agreement.
SYNOPSIS:
In July 2007, the City Commission approved a grant to the UCF Incubator in the amount of
$200,000. In October 2010, UCF requested additional funding from the City and was
granted $75,000 per year for FY 11-13. In October 2013, the funding support of $75,000
per year was extended to FY 14-16.
CONSIDERATIONS:
In July 2007, the City Commission approved a grant to the UCF Incubator in the amount of
$200,000 (Agenda Item 600, July 23, 2007). The City's 2007 grant was in concert with a
$900,000 commitment over three (3) years from Seminole County and a $300,000
commitment over three (3) years from the Florida High Tech Corridor Council.
In October 2010, the City Commission approved a grant of $75,000 per year for FY 2011-
2013. In October 2013, the City Commission approved a funding extension for the UCF
Incubator in the amount of $75,000 per year for FY 14-16. Section 20 of the current
Economic Development Funding Agreement provides that this funding is subject annually
to the City's ability to budget and appropriate said funds.
The Incubator has been open since February 2008. As of June 2014, the Incubator had a
total of 24 clients with 7 having been admitted between October 1, 2013 and June 30, 2014.
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Thirteen (13) client companies have graduated from the Incubator thus far with
seven remaining in Seminole County, three in Maitland, one in Lake County, one in South
Florida, and one deciding to pursue other endeavors.
FISCAL IMPACT:
The fiscal impact of the current agreement which was approved in October 2013 totals
$225,000. The first payment on this agreement was made in October 2013. The remaining
fiscal impact associated with the latest agreement is $150,000 over the next two fiscal years
(FY15-16). The funding for this grant is taken from the City's Economic Development
Reserves.
COMMUNICATION EFFORTS:
This Agenda Item has been electronically forwarded to the Mayor and City Commission,
City Manager, City Attorney/Staff, and is available on the City's Website, LaserFiche, and
the City's Server. Additionally, portions of this Agenda Item are typed verbatim on the
respective Meeting Agenda which has also been electronically forwarded to the individuals
noted above, and which is also available on the City's Website, LaserFiche, and the City's
Server; has been sent to applicable City Staff, Media/Press Representatives who have
requested Agendas/Agenda Item information, Homeowner's Associations/Representatives
on file with the City, and all individuals who have requested such information. This
information has also been posted outside City Hall, posted inside City Hall with additional
copies available for the General Public, and posted at five (5) different locations around the
City. Furthermore, this information is also available to any individual requestors. City Staff
is always willing to discuss this Agenda Item or any Agenda Item with any interested
individuals.
RECOMMENDATION:
The City Manger and the Community Development Staff recommend that the City
Commission review and discuss the information contained herein and provide staff with
direction regarding funding for the UCF Incubator.
ATTACHMENTS:
None
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