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Home My WebLink About2016 12 12 Consent 302 UCF Incubator Funding Extension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this ____ day of December, 2016 CITY OF WINTER SPRINGS, FLORIDA , a Florida municipal THE corporation, whose address is 1126 E. State Road 434, Winter Springs, FL 32708 ("CITY") and UNIVERSITY OF CENTRAL FLORIDA RESEARCH FOUNDATIONINC , ., a Florida not for profit, direct support organization of the University of Central Florida whose address is 12201 RESEARCH PKWY, SUITE 501, ORLANDO, FL 32826-3246 ("UCFRF WITNESSETH: WHEREAS , the parties hereto previously entered into an Economic Development Funding Agreement with an effective date of October 1, 2013, and this First Modification to Economic Development Funding Agreement provides for the extension of said Agreement, addressing the same matters indicated therein; and WHEREAS, it remains the desire of the City to aggressively stimulate economic growth in the City by attracting new industries and businesses to the City, by encouraging the expansion of existing industries and businesses within the City, and by fostering the creation and growth of new industries and businesses in the City; and WHEREAS, the creation of new employment opportunities for residents of the City and the increased tax revenues resulting from such industry or business expansion and relocation within the City is beneficial to the local economy; and WHEREAS, UCFRF desires to continue support for the business development incubator in Winter Springs, Florida; and WHEREAS, the business incubator continues to serve as a business development program for new and growing businesses in Winter Springs and Seminole County; and WHEREAS, the UCFRF/Winter Springs business incubator facility remains located within the City of Winter Springs at the Vistawilla Office Center located on State Road 434; and WHEREAS, in furtherance of maintaining the Winter Springs business incubator program within the City of Winter Springs, UCFRF has requested a financial contribution from the City to defray the on-going maintenance costs associated with the UCFRF/Winter Springs incubator; and WHEREAS, the City continues to desire to make the financial contribution in furtherance of the municipal purpose of enhancing and expanding economic activity within its jurisdictional borders under section 166.021(9), Florida Statutes; and WHEREAS, the parties recognize, this First Modification is necessary to ensure that the financial contribution provided by the City to UCFRF ultimately serves the intended municipal purpose; and WHEREAS , the parties desire to enter this First Modification to Economic Development , amending the term to continue for an additional two years, as further provided Funding Agreement First Modification to Economic Development Grant Agreement UCFRF Business Incubator Program Page 1 of 3 herein; and WHEREAS, the parties agree that the First Modification provided by the City hereunder is for the benefit of the public health, safety, welfare, and convenience of the citizens of the City of Winter Springs and Seminole County, Florida. NOW THEREFORE, in consideration of the mutual promises and covenants herein, and other good and valuable consideration which the parties agree has been exchanged and received the parties agree as follows: Section 1. Recitals. The foregoing recitals are deemed to be true and accurate and form a material part of the agreement upon which the parties have relied. Section 2. Amendments. All provisions of the Agreement not amended by this First shall remain as stated in the Agreement. The Agreement is hereby amended as follows: Modification hereby deleted in its entirety and shall be replaced with the following (A) Section 2.0 (a) is language: (a) "Effective Date" shall be October 1, 2016 and it shall be the date on which this Agreement shall go into effect. The Agreement shall not be effective against any party until said date. hereby deleted in its entirety and shall be replaced with the following language: (B) Section 4.0 is Payment of Grant Funds. 4.0 Upon execution of this Agreement, the City agrees to pay to UCFRF One Hundred and Fifty Thousand and No/100 Dollars ($150,000.00). The payment shall be in equal annual installments of Seventy Five Thousand and No/100 Dollars ($75,000.00), subject to annual budget and appropriation by the City Commission pursuant to Section 20.0 of this Agreement. The first installment shall be due upon the full execution of the Agreement. The second installment shall be due upon October 1, 2017. The payment provided hereunder shall be used by the UCFRF to defray costs incurred in operating the Winter Springs business incubator at the Vistawilla Office Center. Payment shall be made payable to the University of Central Florida Research Foundation, Inc. and remitted to the attention of Kim Smith, Associate Director, 12201 Research Parkway, Suite 501, Orlando, Florida 32826. hereby deleted in its entirety and shall be replaced with the following language: (C) Section 5.0 is Municipal Services. 5.0 The UCFRF agrees to commit to the City that it will operate the business incubator program within the City of Winter Springs for a minimum of two (2) years from the Effective Date provided the annual payment is made in accordance with Section 4.0 of this Agreement. The business incubator program shall be located in a minimum of 10,000 square feet of office space at the Vistawilla Office Center on State Road 434. hereby deleted in its entirety and shall be replaced with the following (D) Section 19.0 is language: Notices. 19.0 Communication and details concerning this Agreement shall be directed to the following contact representatives: First Modification to Economic Development Grant Agreement UCFRF Business Incubator Program Page 2 of 3 City of Winter Springs: Attn: Kevin Smith, City Manager City of Winter Springs 1126 E. State Road 434 Winter Springs, Florida 32708 (407) 327-5957 with copy to: Anthony A. Garganese, City Attorney P.O. Box 2873 Orlando, Florida 32802-2873 407-425-9566 University of Central Florida: Attn: Kim Smith UCFRF of Central Florida Office of Research & Commercialization 12201 Research Parkway, Suite 501 Orlando, Florida 32826-3246 (407) 823-3062 The foregoing addresses and representatives may be amended by any party at any time during the term of this Agreement by providing the other party written notice of said amendment. IN WITNESS WHEREOF,the parties have executed this First Modification on the dates indicated below. CITY OF WINTER SPRINGS UNIVERSITY OF CENTRAL FLORIDA RESEARCH FOUNDATION Kevin L. Smith, City Manager _________________ _____________ Date Date First Modification to Economic Development Grant Agreement UCFRF Business Incubator Program Page 3 of 3