Title:
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Approve and authorize the Chairman to execute an agreement with the University of Central Florida Research Foundation, Inc., in the amount of $265,000 per year for the fiscal years of 2024/25, 2025/26 and 2026/27, for a total of $795,000 over three (3) years, to support the UCF Business Incubator-Winter Springs. District2 - Zembower (Gui Cunha, Administrator, Office of Economic Development and Tourism)
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Division:
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Office of Economic Development and Tourism - Economic Development
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Authorized By:
Gui Cunha, Administrator, Office of Economic Development and Tourism
Contact/Phone Number:
Gui Cunha/407-665-2901
Background:
The UCF Business Incubator Winter Springs is supported in partnership by the University of Central Florida Research Foundation, Inc., Seminole County, the City of Winter Springs, and the Florida High Tech Corridor Council. The purpose of the Incubator is to encourage job growth and economic development with later stage incubator companies. The UCF Winter Springs Incubation program contributes towards furthering Seminole County's economic development goals.
The full-service mixed-use incubator is located in Winter Springs, Seminole County and offers Class A professional office space for emerging businesses while providing them with entrepreneurial training and services, including business growth support, management assistance, mentoring and coaching, marketing, financial analysis and access to capital, educational programs, professional referral networks, and a supportive environment to network with other small businesses.
Since opening in 2008, the UCF Business Incubator Winter Springs has graduated 26 companies, with a direct, indirect and induced employment impact of over 1,000 employees. Twelve of these companies continue to operate and grow in Seminole County, with over 200 direct employees.
In addition, for the last 14 years, the UCF Business Incubator Winter Springs has become a business hub for the southeast portion of Seminole County, where over 3,776 business owners or entrepreneurs have participated in educational seminars or events. In 2020 the incubator also expanded services to serve more businesses, especially those affected by the pandemic.
The funding provided in FY2021/22 through FY2023/24 was $250,000 per year. This amount was increased to $265,000 annually for the FY2024/25-FY2027/28 period to support the expansion of the UCF Business Incubation Program (UCFBIP) soft landing program into the Seminole State College Heathrow campus. The funding assistance requested is $265,000 for FY2024/25, $265,000 for FY2025/26, and $265,000 for FY2027/28, for a total of $795,000 grant over three (3) years.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute the Partnership Agreement between Seminole County and the University of Central Florida Research Foundation, Inc., in the amount of $265,000 per year for Fiscal Years 2024/25, 2025/26, and 2026/27, for a total of $795,000 over three (3) years, to support the UCF Business Incubator Winter Springs.