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HomeMy WebLinkAbout2020 09 28 Consent 304 - UCF Incubator Contract Extension • CONSENT AGENDA ITEM 304 ,n m=ared CITY COMMISSION AGENDA I SEPTEMBER 28, 2020 REGULAR MEETING 1959 TITLE UCF Incubator Contract Extension SUMMARY The Finance and Community Development Department requests that the City Commission consider approval of a contract extension with the University of Central Florida Research Foundation, Inc. (UCF Incubator) to fund the UCF Incubator in Winter Springs for an amount not to exceed $50,000. In July 2007, the City Commission approved a $200,000 grant to the UCF Incubator located in Winter Springs. The grant was in concert with a $900,000 commitment over three years (3) from Seminole County and a $30,000 commitment over three (3)years from the Florida High Tech Corridor Council. Thus far, City funding of the UCF incubator has reached $950,000. Authorization of$50K would put the total funding at $1 M. The UCF incubator requests continued funding for FY2020 in the amount of$50,000. During the FY 2021 budget process, $50,000 was appropriated for this purpose. RECOMMENDATION Staff recommends the City Commission authorize the City Manager to execute an agreement with the University of Central Florida Research Foundation, Inc. (UCF Incubator) for FY 2021 funding in the amount of $50,000. 15 FOURTH MODIFICATION TO UCFRFIWINTER SPRINGS INCUBATOR ECONOMIC DEVELOPMENT FUNDING AGREEMENT THIS FOURTH MODIFICATION TO ECONOMIC DEVELOPMENT FUNDING AGREEMENT ("Fourth Modification")is made and entered into this day of ,2020,by and between the CITY OF WINTER SPRINGS, FLORIDA, a Florida municipal corporation, whose address is 1126 E. State Road 434, Winter Springs, FL 32708 ("CITY") and THE UNIVERSITY OF CENTRAL FLORIDA RESEARCH FOUNDATION, INC., 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, in October 2018, the parties entered into a Second Modification to Economic Development Funding Agreement which provided for the extension of said Agreement through October 1, 2019; and WHEREAS, in October 2019,the parties entered into a Third Modification to Economic Development Funding Agreement which provided for the extension of said Agreement through October 1, 2020; and WHEREAS,the parties desire to further extend the term of the Agreement for an additional year; 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 Fourth Modification to Economic Development Grant Agreement UCFRF—Business Incubator Program Page 1 of 3 16 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(8), Florida Statutes; and WHEREAS, the parties recognize this Fourth 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 Fourth 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 Fourth 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. R i als•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 Fourth Modification shall remain as stated in the Agreement and First, Second and Third Modifications, and shall remain in full force and effect. To the extent of any conflict between the provisions of this Fourth Modification and the Agreement or First, Second or Third Modification,the conflicting provisions in this Fourth 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: 4.0 Payment of Grant Funds, The City agrees to pay to UCFRF a lump sum of Fifty Thousand and No/100 Dollars ($50,000.00), 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, 2021. 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 Amanda Coveney, 12201 Research Parkway, Suite 501, Orlando,FL 32826. (B) Section 5.0 is hereby deleted in its entirety and shall be replaced with the following language: 5.0 Municipal Services, 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, 2021 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: Fourth Modification to Economic Development Grant Agreement UCFRF—Business Incubator Program Page 2 of 3 17 20.0 Termination: Termination by Parties. This Agreement shall terminate on October 1, 2021,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 repaid to the City. The City may also terminate this Agreement if the City Commission elects (at its sole discretion) during the City's annual budget adoption process not to budget and appropriate the annual installment payment required under Paragraph 4.0. UCFRF may terminate this Agreement if the City fails to make the payment required under Paragraph 4.0. (D) This Fourth Modification shall take effect immediately upon execution by the City and the UCFRF. IN WITNESS WHEREOF, the parties have executed this Fourth Modification on the dates indicated below. CITY OF WINTER SPRINGS UNIVERSITY OF CENTRAL FLORIDA RESEARCH FOUNDATION Shawn Boyle, City Manager Kim Smith, Director and Chief Operating Officer Date Date Fourth Modification to Economic Development Grant Agreement UCFRF—Business Incubator Program Page 3 of 3 18