Summary:
An objective of the CRA is to pursue redevelopment and revitalization activities within the Downtown Orlando Community Redevelopment Area (Area), including business recruitment, development and retention, and economic development of the Area in general. One of the goals of the Redevelopment Plan for the Area, which was most recently amended on May 4, 2015, is to support and incentivize business incubators within the Area. More specifically, the Redevelopment Plan notes the growing technology sector within the Area and encourages the CRA’s assistance and support of the growth of this emerging sector through various means including the providing of tools and resources to help the businesses flourish.
On November 3, 2014, the CRA agreed to commit one hundred thousand dollars ($100,000.00) in local match funds toward the establishment of an evergreen seed fund and incubator/accelerator program focused on technology companies, provided funding was received from a U.S. Economic Development Administration (EDA) grant. The grant applicants included CanvsOrl, Inc. and the University of Central Florida Board of Trustees (UCF). The above named organizations have received notification of FireSpring Fund, Inc.’s selection as recipient of the U.S. EDA grant (award number AD15HDQ0200024). The proposed agreement between the CRA, UCF, and Firespring Fund, Inc. formalizes the CRA’s prior funding commitment towards the launch of FireSpring Fund, Inc.
On February 24, 2016 the CRA Advisory Board recommended the CRA approve the FireSpring Fund, Inc. Funding Agreement between the CRA, the University of Central Florida Board of Trustees, and FireSpring Fund, Inc., and authorization for the Chairman and Executive Director of the CRA to execute the Agreement, subject to the review and approval of the City Attorney’s Office. |
Recommended Action:
Approval of the FireSpring Fund, Inc. Funding Agreement between the CRA, the University of Central Florida Board of Trustees, and FireSpring Fund, Inc., and authorization for the Chairman and Executive Director of the CRA to execute the Agreement, subject to the review and approval of the City Attorney’s Office. |