Items Types:
Economic Development
For Meeting of:
October 20, 2014
District: 2 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

2014-2015 UCF Business Incubation Program Funding Agreement


Since April 2006, the Orlando City Council has approved funding agreements between the City of Orlando and the University of Central Florida Research Foundation (UCFRF) to support the UCF Business Incubation Program (UCFBIP). The relationship between the City and UCFRF for the creation of a business incubator provides infrastructure and support to local entrepreneurs to increase their potential for creating and growing successful companies in our community. 

Since its inception in 1999, the UCFBIP has helped hundreds of local startup companies (including nearly 150 current clients and 100 graduates) reach their potential faster by providing vital business development resources.  From October 2011 to June 2013, the UCF network of current and graduated clients has helped create a total regional output of over $620 million resulting in a $6.16 return for every $1.00 invested in the program while sustaining (directly and indirectly) over 3,300 jobs in the Central Florida region.  The Incubation Program now has eight (8) locations throughout Central Florida.

The City's contribution of $300,000 will assist the UCFBIP in providing early-stage and relocating companies with the guidance and resources needed to become financially sustainable.

The UCF Business Incubation Program was named Incubator of the Year for 2004 andIncubator Network of the Year for 2013 by the National Business Incubation Association.

Fiscal & Efficiency Data: Fiscal Impact statement attached. Funding has been appropriated in the FY14-15 Budget. 

Recommended Action:
Approval of the 2014-2015 UCF Business Incubation Program Funding Agreement and authorization for the Mayor to execute the funding agreement, subject to the review and approval by the City Attorney's Office.

Agenda Item attachment(s) on file in the City Clerks Office.

Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.

Contact: Kim King
Approved By:

Department Date and Time
Planning and Environmental Attorney 9/19/2014 9:25 AM
Budget Outside Routing Approval 9/19/2014 12:18 PM
City Clerk 9/19/2014 12:33 PM

Name: Description: Type:
EDV_-_UCF_Incubator_FIS[14.15].docx Fiscal Impact Statement Backup Material
EDV_-_UCF_Incubator_Funding_Agreement_2014-2015_final.docx Funding Agreement Backup Material

"Enhance the quality of life in the City by delivering public services in a knowledgeable, responsive and financially responsible manner."