HomeMy WebLinkAbout2023 08 28 Regular 501 - UCF Winter Springs Incubator: Quarterly Report Presentation & 7th Modification to Economic Development Funding AgreementREGULAR AGENDA ITEM 501
CITY COMMISSION AGENDA | AUGUST 28, 2023 REGULAR MEETING
TITLE
UCF Winter Springs Incubator: Quarterly Report Presentation & 7th Modification to
Economic Development Funding Agreement
SUMMARY
The UCF Business Incubation Program is an economic development effort designed to
help create and sustain jobs in the community and spur economic growth throughout
the region. This goal is accomplished by helping early-stage businesses grow to the
point where they need to hire employees in order to continue operating and growing.
The City of Winter Springs engaged in an Economic Development Grant with the UCF
Incubator in 2007. To date, the City has provided a total of approximately $1,100,000
in funding. In 2008, the City provided $200,000 followed up $75,000 yearly from 2011
to 2020. From 2021 to 2023 the City provided funding in the amount of $50,000
yearly.
The UCF Incubator made their last Quarterly Update presentation to the City
Commission on August 8, 2022 and their last Annual Report (2021-2022) was provided
to the City on December 19, 2022.
FUNDING SOURCE
General Government G/L001-19-1900-580820 - Grants/Aids - Private
From 2021 to 2023 the City provided funding in the amount of $50,000 yearly. The FY
23/24 Proposed Budget previously approved by the City Commission budgeted
$75,000.
RECOMMENDATION
Staff's recommendation is for the City Commission to review the information provided
and make a determination on the continued funding level for the UCF Winter Springs
Incubator for Fiscal Year 2024. Additionally, Staff recommends the City Commission
authorize the Interim City Manager to execute the attached 7th Modification to the
Agreement with with University of Central Florida Research Foundation, Inc (UCF
Incubator) for FY24.
663
QUARTERLY
REPORT
2022-2023 Q2 & Q3 (JANUARY-JUNE)
The UCF Business Incubation Program provides business
development and operational support to early-stage, innovative
businesses throughout Central Florida. Since 1999, this award-
winning program has supported hundreds of companies, who
have collectively generated more than $400 million in sales and
over $100 million in outside funding.
664
Table of
Contents
Presentation Outline
P r o g r a m s /S e r v i c e s
P a r t i c i p a t i n g C o m p a n i e s
M e t r i c s
H i g h l i g h t
Q U A R T E R L Y R E P O R T Q 2 &Q 3 2 0 2 2 -2 0 2 3
665
Program &
Services
Helps new companies with little to no revenue to build the operational
foundation of the business and develop a go-to-market strategy to
cultivate an initial customer base.
Eligibility - have a scalable, for-profit business model; and have a
minimal viable product (MVP) or service ready to sell.
Traction
Growth
Helps companies with existing traction in the market to develop the
infrastructure for scaling their business.
Eligibility - have a scalable, for-profit business model; and have
already generated revenue from their product or service.
Soft Landing
Helps international firms and companies headquartered outside the
region that are interested in exploring the Central Florida or U.S.
Markets.
Eligibility - headquartered beyond the Central Florida region; cannot
be a franchise; must have at least one full-time business developer
from Central Florida office.
Q U A T E R L Y R E P O R T Q 2 &Q 3 2 0 2 2 -2 0 2 3
666
A S & Performance
GROWTH
LifeBridge
GROWTH
Program Works
GROWTH
Tech Rage IT
GROWTH
TimePlast
GROWTH
CKS Marketing
GROWTH
Structural
Engineering
GROWTH
Pro-Inspect
GROWTH
One360
GROWTH
Dicapta
GROWTH
Paradise Studios
GROWTH
Pro-Force
SOFT LANDING
Freshorize
SOFTLANDING
Participating Companies
Q U A R T E R L Y R E P O R T Q 2 &Q 3 2 0 2 2 -2 0 2 3
667
Metrics
D I R E C T H E A D C O U N T - 1 1 0
R E V E N U E S - $4 ,8 6 5 ,3 4 7
I N V E S T M E N T S - $2 ,6 9 0 ,0 0 0
G R A N T S - $1 3 6 ,1 0 9
C a p a c i t y - 9 0 %
Q U A R T E R L Y R E P O R T Q 2 &Q 3 2 0 2 2 -2 0 2 3
D I R E C T H E A D C O U N T - 1 0 2
R E V E N U E S - $2 ,7 8 5 ,2 3 7
I N V E S T M E N T S - $5 0 ,0 0 0
G R A N T S - $1 8 4 ,0 3 5
C a p a c i t y - 9 0 %
Q 2 -2 0 2 2 -2 0 2 3
J A N - M A R C H
Q 3 -2 0 2 2 -2 0 2 3
A P R - J U N E
668
Highlight
TimePlast - Tony Martinez
T e c h n o -O r g a n i c M a t e r i a l C o m p a n y
Q U A R T E R L Y R E P O R T Q 2 &Q 3 2 0 2 2 -2 0 2 3
669
Contact US
For questions or concerns
Phone Number
4 0 7 -2 7 8 -4 8 8 0
Email Address
w s i n c u b a t o r @ u c f .e d u
Website
w w w .i n c u b a t o r .u c f .e d u
670
A N N U A L
R E P O R T
2 0 2 1 -2 0 2 2
UCFBIP- Winter Springs
671
G R A N T O V E R V I E W
The UCF Business Incubator–Winter Springs was
launched in 2008 as a partnership between
Seminole County government, the City of Winter
Springs, the Florida High Tech Corridor
Council, and the University of Central Florida (UCF) to
assist in furthering Seminole County’s
economic development goals. The UCF Business
Incubator–Winter Springs addresses local
business development and entrepreneurship needs
with the long‐term purpose of facilitating
new jobs and economic development opportunities
for Seminole County and the City of
W i n t e r S p r i n g s .
M I S S I O N
T o p r o v i d e s b u s i n e s s d e v e l o p m e n t a n d
o p e r a t i o n a l s u p p o r t t o e a r l y -s t a g e , t e c h n o l o g y
a n d i n n o v a t i o n -d r i v e n b u s i n e s s e s t h r o u g h o u t
C e n t r a l F l o r i d a .
672
P R O G R A M S
T h e U C F B u s i n e s s I n c u b a t o r h a s s e v e r a l
p r o g r a m s t o s u p p o r t e n t r e p r e n e u r s a s t h e y
s c a l e
t h e i r b u s i n e s s e s :
•T r a c t i o n – M o v i n g a b u s i n e s s e n t i t y w i t h a n
e x i s t i n g p r o t o t y p e o f a s c a l a b l e i n n o v a t i v e
s o l u t i o n t o i n i t i a l c u s t o m e r s w i t h a g o ‐t o ‐
m a r k e t s t r a t e g y a n d f u r t h e r p r o d u c t
d e v e l o p m e n t .
•G r o w t h (C o r e I n c u b a t i o n P r o g r a m ) – M o v i n g
a n i n n o v a t i v e s o l u t i o n w i t h e x i s t i n g m a r k e t
t r a c t i o n i n t o g r o w t h s t a g e w i t h s u s t a i n a b i l i t y .
•S o f t L a n d i n g – S u p p o r t i n g e x p a n s i o n f o r
s u c c e s s f u l t e c h n o l o g y c o m p a n i e s
h e a d q u a r t e r e d
o u t s i d e o f F l o r i d a .
I n a d d i t i o n , t o t h e p r o g r a m m i n g t h e U C F B I P
o f f e r w o r k s h o p s a n d s e m i n a r s t h r o u g h o u t t h e
y e a r a n d t h e m a j o r i t y a r e o p e n t o t h e b u s i n e s s
c o m m u n i t y .
673
L E A D E R S H I P
C a r o l A n n L o g u e
D i r e c t o r , P r o g r a m s & O p e r a t i o n s I n n o v a t i o n
D i s t r i c t s & I n c u b a t i o n P r o g r a m
E m a i l - C a r o l a n n .d y k e s l o g u e @ u c f .e d u
P h o n e – 4 0 7 -6 3 5 -9 8 8 2
R o b P a n e p i n t o
D i r e c t o r , P a r t n e r s h i p s & S t r a t e g y , I n n o v a t i o n
D i s t r i c t s & I n c u b a t i o n P r o g r a m
E m a i l – R o b .p a n e p i n t o @ u c f .e d u
P h o n e – 4 0 7 -4 6 7 -5 6 8 9
R a f a e l C a a m a n o
S i t e M a n a g e r
E m a i l – r a f a e l @ u c f .e d u
P h o n e – 4 0 7 -4 0 8 -4 2 9 7
R h o n d a G r a n g e r -G o m e z
O f f i c e M a n a g e r
E m a i l – r h o n d a .g r a n g e r @ u c f .e d u
P h o n e – 4 0 7 -2 7 8 -4 8 8 0
674
T H E F I G U R E S
T h i s g r a p h s h o w s t h e c o l l e c t i o n o f d a t a b r o k e d o w n i n t o
q u a r t e r s . D a t a i s c o l l e c t e d q u a r t e r l y u t i l i z i n g Q u a l t r i c s a l l o w i n g
t h e c o m p a n i e s t o e n t e r t h e i r i n f o r m a t i o n i n t o t h e s y s t e m .
Quarter 3
112
Quarter 4
108
Quarter 1
101
Quarter 2
90
Q1
$4,709,674
Q4
$4,376,476
Q3
$2,880,033 Q2
$2,788,748
Headcounts
Revenues
675
Q1
$803,526
Q4
$222,565
Q3
$184,035
Q2
$102,434
Q4
$55,000
Q1
$35,800
Q3
$50,000
Grants
Investments
676
T O T A L
T h i s g r a p h s h o w s a t o t a l b a l a n c e b a s e d o n q u a r t e r l y d a t a
s u b m i t t e d b y p a r t i c i p a t i n g c o m p a n i e s o f t h e U C F B u s i n e s s
I n c u b a t i o n P r o g r a m i n W i n t e r S p r i n g s . T h e a v e r a g e h e a d c o u n t
f o r 2 0 2 1 -2 0 2 2 i s 1 0 3 .
Revenues: $14,754,931
Grants: $1,312,560
Investments: $140,800
0 2 4 6
Life Science
Manufacturing
Information Tech.
Other
I N D U S T R I E S
677
C O M P A N I E S
B e l o w i s a l i s t o f p a r t i c i p a t i n g c o m p a n i e s d u r i n g t h e f i s c a l y e a r
2 0 2 1 -2 0 2 2 .
A I R E -H E A L T H - A M E D I C A L D E V I C E C O M P A N Y
P R O D U C I N G A P O R T A B L E N E B U L I Z E R T O H E L P W I T H
C H R O N I C R E S P I R A T O R Y D I S E A S E S .
W W W .A I R E .H E A L T H .C O M
E N T R Y Y E A R : 2 0 1 9 P R O G R A M : G R O W T H
A S P - A T R A I N I N G A N D C O N S U L T I N G F I R M
T H A T D E P L O Y A T E C H N O L O G Y P L A T F O R M T H A T
E N H A N C E F A C I L I T Y M A I N T E N A N C E I N T H E
C O M M E R C I A L A N D I N D U S T R I A L S P A C E .
W W W .A S P -I N T .C O M
E N T R Y Y E A R : 2 0 2 0 P R O G R A M : G R O W T H
C R E D I T R E P A I R O F F L O R I D A - A C R E D I T S E R V I C E
O R G A N I Z A T I O N W I T H T H E O B J E C T I V E T O S C A L E
A C R O S S F L O R I D A .
W W W .C R E D I T R E P A I R O F F L O R I D A .C O M
E N T R Y Y E A R : 2 0 1 8 P R O G R A M : G R O W T H
D I C A P T A - A S E R V I C E A N D T E C H N O L O G Y C O M P A N Y
S E R V I N G P E O P L E W I T H V I S U A L A N D H E A R I N G
D I S A B I L I T I E S T H R O U G H C A P T I O N I N G A N D D E S C R I P T I O N
A S W E L L A S P R O P R I E T A R Y S O F T W A R E .
W W W .D I C A P T A .C O M
E N T R Y Y E A R : 2 0 1 1 P R O G R A M : G R O W T H
F R E S H O R I Z E - A S E R V I C E A N D M A N U F A C T U R I N G
C O M P A N Y P R O V I D I N G T H E A I R L I N E I N D U S T R Y W I T H
E N V I R O N M E N T A L L Y F R I E N D L Y P A T E N T E D C L E A N I N G
S O L U T I O N S .
W W W .F R E S H O R I Z E .C O M
E N T R Y Y E A R : 2 0 1 4 P R O G R A M : S O F T L A N D I N G
L I F E B R I D G E - A M E D I C A L D E V I C E C O M P A N Y W I T H A T U M O R
T R E A T I N G F I E L D T E C H N O L O G Y T O T H R E A T M E T A S T A T I C
C A N C E R .
W W W .L I F E B R I D G E 1 0 0 0 0 .C O M
E N T R Y Y E A R : 2 0 1 6 P R O G R A M : G R O W T H
678
P A R A D I S E S T U D I O S - A M U L T I M E D I A C O M P A N Y
D E D I C A T E D I N C R E A T I N G V I S U A L A N D S U I T O R
C O N T E N T F O R B U S I N E S S E S .
W W W .P A R A D I S E S T U D I O S F L .C O M
E N T R Y Y E A R : 2 0 2 0 P R O G R A M : G R O W T H
P R O I N S P E C T S O L U T I O N S - A S E R V I C E A N D T R A I N I N G
C O M P A N Y P R O V I D I N G H O M E , C O M M E R C I A L A N D
A N C I A L L A R Y I N S P E C T I O N S .
W W W .P R O I N S P E C T S O L U T I O N S .C O M
E N T R Y Y E A R : 2 0 1 8 P R O G R A M : G R O W T H
P R O F O R C E - A C O M P A N Y T H A T P R O V I D E S P R E -
P A C K A G E S O F T W A R E A N D T R A I N I N G S O L U T I O N S F O R
A D V A N C E D M A N U F A C T U R I N G .
W W W .P R O F O R C E .C O M
E N T R Y Y E A R : 2 0 1 9 P R O G R A M : S O F T -L A N D I N G
T A C K L E W E B S - A C O M P A N Y P R O V I D I N G I N N O V A T I V E
P R O D U C T S F O R T H E M A R I N E A N D F I S H I N G I N D U S T R Y .
W W W .T A C K L E W E B S .C O M
E N T R Y Y E A R : 2 0 1 6 P R O G R A M : G R O W T H
P R O G R A M W O R K S - A S O F T W A R E C O M P A N Y T H A T
S P E C I A L I Z E S I N C L O U D -B A S E D E M P L O Y E E , T I M E T R A C K I N G ,
A N D T I M E O F F M A N A G E M E N T .
W W W .W O R K S C H E D U L E .N E T
E N T R Y Y E A R : 2 0 2 1 P R O G R A M : G R O W T H
P E G A S E N S E - A N E N G I N E E R I N G A N D R &D F I R M
S P E C I I A L I Z I N G I N A N E W G E N E R A T I O N O F S E N S O R S I N
S U P P O R T O F T H E A E R O S P A C E I N D U S T R Y .
E N T R Y Y E A R : 2 0 1 8 P R O G R A M : G R O W T H
N O L O G O
T E C H R A G E I T - A S E R V I C E C O M P A N Y P R O V I D I N G I T S E R V I C E S
S P E C I A L I Z I N G I N D I S A S T E R R E C O V E R Y A N D B U S I N E S S C L O U D
S E R V I C E S .
W W W .T E C H R A G E I T .C O M
E N T R Y Y E A R : 2 0 1 8 P R O G R A M : G R O W T H
S E P - A N E N G I N E E R I N G F I R M P R O V I D I N G F A I L U R E
R E C O N S T R U C T I O N , R E V E R S E E N G I N E E R I N G L I T I G A T I O N
S U P P O R T , A N D F O R E N S I C A N A L Y S I S .
W W W .S E P E N G I N E E R S .C O M
E N T R Y Y E A R : 2 0 1 9 P R O G R A M : G R O W T H
679
A C C E P T E D I N T O T H E J O H N S O N & J O H N S O N
L A B I N W A S H I N G T O N D C
S E M I N O L E C O U N T Y C H A M B E R O F C O M M E R C E
B U I S I N E S S O F T H E Y E A R
G R A D U A T E D F R O M T H E P R O G R A M
O N E 3 6 0 - P R O V I D E S A R A N G E O F C O S T E F F I C I E N T C U S T O M E R
S U C C E S S , D E V E L O P M E N T , A N D S A L E S S E R V I C E S F O R
G R W O I N G S A A S B U S I N E S S E S .
W W W .O N E 3 6 0 .C X
E N T R Y Y E A R : 2 0 2 2 P R O G R A M : G R O W T H
E A R N E D A M U L T I Y E A R C O N T R A C T W I T H A G L O B A L
N E W S N E T W O R K L O C A T E D I N A T L A N T A G E O R G I A
L A N D E D A T H R E E Y E A R G R A N T W I T H T H E U S
D E P A R T M E N T O F E D U C A T I O N A N D L A N D E D P I L O T
P R O G R A M W I T H A G L O B A L E C O M M E R C E C O M P A N Y
A C H I E V E M E N T S
E U R O P E A N A I R L I N E D O U B L E T H E O R D E R O F T H E
B A R I S T A C U P A F T E R P I L O T P R O G R A M . A D D E D
T W O N E W R O L E S /P O S I T I O N S .
M A T C H M Y P L A C E - I S A N E T W O R K O F C O N S U M E R S T H A T
I N T E N T T O B U Y O R S E L L Y E T F O R O N E R E A S O N O R T H E O T H E R
T H E T R A D I T I O N A L R E A L E S T A T E M A R K E T I S N O T A G O O D F I T F O R
T H E I R U N I Q U E N E E D S .
W W W .M A T C H M Y P L A C E .C O M
E N T R Y Y E A R : 2 0 2 2 P R O G R A M : T R A C T I O N
680
P R O G R A M M I N G - I N F E B R U A R Y O F 2 0 2 2 , T H E B U S I N E S S I N C U B A T I O N
P R O G R A M W I N T E R S P R I N G S S U B M I T T E D A P R O P O S A L F O R A U N I Q U E
P R O G R A M T O S U P P O R T T H E L O C A L B U S I N E S S C O M M U N I T Y B A S E D O N
P R E V I O U S C O N V E R S A T I O N S W I T H C I T Y S T A F F .
3 "3 6 0 D E G R E E S B U S I N E S S P E R S P E C T I V E ":
O 2 C O H O R T S (F A L L & S P R I N G )
O 2 5 H O U R S P E R C O H O R T
O I N P E R S O N O R H Y B R I D S E S S I O N S
O 1 0 T O 2 0 P A R T I C I P A N T S
A D E C I S I O N H A S N O T B E E N M A D E B U T T H E U C F B I P -W I N T E R S P R I N G S I S
R E A D Y T O D E P L O Y S U C H E F F O R T . I N T H E M E A N T I M E , T H E I N C U B A T O R K E E P
P R O V I D I N G C O M P L I M E N T A R Y W O R K S H O P S T O M E M B E R S O F T H E B U S I N E S S
C O M M U N I T Y .
S E R V I C E S - T H E U C F S M A L L B U S I N E S S D E V E L O P M E N T C E N T E R I S P R O V I D I N G
O N E -O N -O N E B U S I N E S S A D V I S O R Y S E R V I C E S T O B U S I N E S S E S W I T H I N T H E
S E M I N O L E C O U N T Y C O M M U N I T Y . T H I S S E R V I C E I S F R E E A N D T H E O F F I C E I S
L O C A T E D R I G H T I N S I D E T H E I N C U B A T O R .
A D D I T I O N A L
P R O G R A M M I N G & S E R V I C E S
681
Seventh Modification to Economic Development Grant Agreement
UCFRF – Business Incubator Program
Page 1 of 3
SEVENTH MODIFICATION TO UCFRF/WINTER SPRINGS INCUBATOR
ECONOMIC DEVELOPMENT FUNDING AGREEMENT
THIS SEVENTH MODIFICATION TO ECONOMIC DEVELOPMENT FUNDING
AGREEMENT (“Seventh Modification”) is made and entered into this ____________ day of
____________, 2023, 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 12202
RESEARCH PKWY, SUITE 501, ORLANDO FL 32826-3246 (“UCFRF”).
WITNESSETH:
WHEREAS, the parties here to 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, in October, 2020, the parties entered into a Fourth Modification to Economic Development
Funding Agreement, which provided for the extension of said Agreement through October 1, 2021; and
WHEREAS, in October, 2021, the parties entered into a Fifth Modification to Economic Development
Funding Agreement, which provided for the extension of said Agreement through October 1, 2022; and
WHEREAS, in September 2022, the parties entered into a Sixth Modification to Economic Development
Funding Agreement, which provided for the extension of said Agreement through October 1, 2023; and
WHEREAS, the parties desire to further extend the terms of Agreement for an additional year, subject to
certain conditions;
WHEREAS, it remains the desire of the City to aggressively stimulate economic growth in the City by
attracting new industries and business 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 to support 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 business in Winter Springs and Seminole County; and
682
Seventh Modification to Economic Development Grant Agreement
UCFRF – Business Incubator Program
Page 2 of 3
WHEREAS, the UCFRF/Winter Springs business incubator facility remains located within the City of
Winter Springs at 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 the expanding economic activity within its jurisdictional borders under
section 166.021(8), Florida Statutes; and
WHEREAS, the parties recognize this Seventh 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 Seventh 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 Seventh 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 Seventh Modification
shall remain as stated in the Agreement and First, Second, Third, Fourth, Fifth, and Sixth Modifications,
and shall remain in full force and effect. To the extent of any conflict between the provisions of this
Seventh Modification and the Agreement or First, Second. Third, Fourth, Fifth, or Sixth Modification, the
conflicting provisions in this Seventh Modification shall prevail. The Agreement is hereby amended as
follows:
(A) Section 4.0 is hereby deleted in its entirety and shall be pleased with the following language:
4.0 Payment of Grant Funds. The City agrees to pay 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, 2024.
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
attention of Amanda Coveney, 12201 Research Parkway, Suite 501, Orlando, FL 32826.
(B) Section 5.0 is hereby amended to provide that the UCFRF commits that it will operate the
business incubator program within the City of Winter Springs until at least October 1, 2024,
provided the annual payment is made in accordance with Section 4.0 of the Agreement. The
remainder of Section 5.0 shall remain unchanged.
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Seventh Modification to Economic Development Grant Agreement
UCFRF – Business Incubator Program
Page 3 of 3
(C) Section 20.0 is hereby deleted in its entirety and shall be replaced with the following
language:
20.0 Termination: Termination by Parties. This Agreement shall terminate on October
1, 2024, 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 an 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 Seventh Modification shall take effect immediately upon execution by the City and the
UCFRF
IN WITNESS WHEREOF, the parties have executed this Seventh Modification on the dates indicated
below.
CITY OF WINTER SPRINGS UNIVERSITY OF CENTRAL FLORIDA
RESEARCH FOUNDATION
Phil Hursh, Interim City Manager Amanda, Coveney, Assistant Director
Date Date
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