HomeMy WebLinkAbout2018 10 22 Consent 300 UCF Incubator Funding
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SECOND MODIFICATION TO UCFRF/WINTER SPRINGS INCUBATOR ECONOMIC
DEVELOPMENT FUNDING AGREEMENT
THIS SECOND MODIFICATION TO ECONOMIC DEVELOPMENT FUNDING AGREEMENT
(“Second Modification”) is made and entered into this ____ day of October, 2018, by and between the
CITY OF WINTER SPRINGS, FLORIDA
, a Florida municipal corporation, whose address is 1126 E.
THE UNIVERSITY OF CENTRAL
State Road 434, Winter Springs, FL 32708 (“CITY”) and
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, which Agreement had an initial term of three (3)
years; and
WHEREAS,
on January 18, 2017, the parties entered into a First Modification to Economic
Development Funding Agreement which provided for the extension of said Agreement through
October 1, 2018; and
WHEREAS,
the parties desire to further extend the term of the Agreement for an additional year;
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
Second Modification to Economic Development Grant Agreement
UCFRF – Business Incubator Program
Page 1 of 3
WHEREAS,
the parties recognize this Second 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 Second Modification to Economic Development
Funding Agreement, amending the term to continue for one additional year, as further provided herein; and
WHEREAS,
the parties agree that the Second 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 Second
Modification shall remain as stated in the Agreement and First Modification, and shall remain in full force
and effect. To the extent of any conflict between the provisions of this Second Modification and the
Agreement or First Modification, the conflicting provisions in this Second Modification shall prevail. The
Agreement is hereby amended as follows:
(A) Section 4.0 is hereby deleted in its entirety and shall be replaced with the following language:
Payment of Grant Funds.
4.0 The City agrees to pay to UCFRF a lump sum 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. This lump sum payment has
been budgeted by the City Commission and shall be due on or before February 1, 2019. 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 and remitted to the
attention of Miefaf Tadesse, 4365 Andromeda Loop N, Millican Hall Ste. 110, Orlando, Florida
32816.
(B) Section 5.0 is hereby deleted in its entirety and shall be replaced with the following language:
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 until at least October 1, 2019
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.
(C) Section 20.0 is hereby deleted in its entirety and shall be replaced with the following language:
Termination: Termination by Parties.
20.0 This Agreement shall terminate on
October 1, 2019, unless sooner terminated by the City or UCFRF. The City may terminate this
Agreement if UCFRF fails to operate a business incubator program as required hereunder. If the
City terminates this Agreement under such circumstances, any funds provided by the City shall be
Second Modification to Economic Development Grant Agreement
UCFRF – Business Incubator Program
Page 2 of 3
repaid to the City. UCFRF may terminate this Agreement if the City fails to make the payment
required under Paragraph 4.0.
(E) This Second Modification shall take effect immediately upon execution by the City and the
UCFRF.
IN WITNESS WHEREOF,the parties have executed this Second Modification on the dates indicated
below.
CITY OF WINTER SPRINGS UNIVERSITY OF CENTRAL FLORIDA
RESEARCH FOUNDATION
Kevin L. Smith, City ManagerKim Smith, Director and Chief Operating
Officer
Date Date
Second Modification to Economic Development Grant Agreement
UCFRF – Business Incubator Program
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