Title:
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Approve and Authorize the Chairman to execute the First Amendment to the UCF Research Foundation (UCFRF) Business Incubator Partnership Agreement (Gui Cunha, Director, 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, Director, Office of Economic Development and Tourism
Contact/Phone Number:
Gui Cunha/407-665-2901
Background:
The proposed First Amendment to the UCF Research Foundation (UCFRF) Business Incubator Partnership Agreement extends the term of the agreement through FY2030. As part of the amendment, the UCF Business Incubator will transition from its current office space in Winter Springs to a smaller footprint, resulting in reduced operating expenses. Accordingly, the County's annual funding commitment will be reduced by $100,000, from $265,000 to $165,000 per fiscal year, beginning in FY2027 and continuing through FY2030. The amendment also authorizes UCFRF to retain and utilize the remaining balance of the FY2025 funding allocation, allowing those funds to roll forward for continued implementation of program activities consistent with the partnership agreement.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute the First Amendment to the UCF Research Foundation Business Incubator Partnership Agreement, reducing the annual County funding amount to $165,000 through the expiration of the agreement in FY2030 and authorizing UCF Research Foundation to retain and utilize the remaining balance of the FY2026 funding allocation in accordance with the amended agreement.