Item No: 4.C.7.
Meeting Date: June 25, 2012
From: Ken Thomas, Director
Housing & Economic Development
Subject: Resolution authorizing execution of a Tri-Party Agreement among University of Central Florida Research Foundation, Lake County Government, and the City of Leesburg to manage and operate the Leesburg Business Incubator
Staff recommends approval of the tri-party agreement to provide a Business Incubation facility,
administrative and technical support to aid in development of companies located in Lake County.
The subject agreement was initatially approved by the City Commission on February 27, 2012, which Section 6 Term states, “The Agreement shall be effective from the date the last party hereto executes this Agreement, and shall remain effective for one (1) year thereafter (February 27, 2012 to February 27, 2013). Subsequently UCF and Lake County decided to revise Section 6 Terms of the agreement to state “the agreement shall be effective from January 1, 2012 and shall remain effective for one (1) year thereafter (January 1, 2012 to January 1, 2013).
The agreement signed in 2011 technically terminated on January 12, 2012, therefore UCF wanted to ensure the contract was seamless and not out of date for funding purposes. The agreement has provided continuation of services provided by UCFRF and Lake County Government since January 2009. The agreement will provide funding to UCFRF to offer incubation services to companies in Lake County at the Leesburg Business Incubator. The UCFRF will review client applications, conduct the screening and selection process. In addition, the agreement will provide the Excellence in Entrepreneurship Course developed for potential Incubator entrepreneurs.
The UCFRF will provide the following services:
· Utilize service provider network and expand to additional resources focused on later stage incubator companies;
· Utilize educational programs available through the National Entrepreneur Center (NEC) and resident small business service providers;
· Provide marketing for the Incubator and its clients;
· Use existing criteria to graduate companies out of the program;
· Provide staffing for the Incubator;
· Providing annual reports which shall include, but not be limited to, recommendations relative to the continuing development and operation of the Lake County Incubator.
· Provide a verbal report to the Board of County Commissioners.
In summary, UCFRF will continue to operate an incubator in cooperation with Lake County at the Leesburg Business Incubator. This includes hiring, training, and managing staff, selecting and managing clients, establishing mentoring and coaching programs, and establishing criteria for graduating companies into the community.
1. Approve the tri-party agreement or;
2. Such alternative action as the Commission may deem appropriate
The City receives on approximately $14,500 of annual revenue from Incubator client lease payments.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF No. ______________________
RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN TRI-PARTY AGREEMENT BETWEEN LAKE COUNTY, UNIVERSITY OF CENTRAL FLORIDA RESEARCH FOUNDATION AND THE CITY OF LEESBURG FOR INCUBATOR SERVICES; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the Mayor and City Clerk are hereby authorized to execute an agreement among Lake County Government whose address is 315 West Main Street, Post Office Box 7800, Tavares, Florida 32778, University of Central Florida Research Foundation, Incorporated, 12201 Research Parkway, Suite 501, Orlando, Florida 32826-3246, and the City of Leesburg, 600 Market Street, Leesburg, Florida 34748 for Incubation Services.
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _25th____ day of __June_______ 2012.