On February 25, 2013, the City of Orlando and Florida Hospital entered into a Consortium agreement whereby the City provided Florida Hospital the sum of $2.5 million, via a State of Florida Legislature appropriation, for the creation of a life sciences incubator focused on translational research commercialization in the Florida Hospital Health Village.

A second life sciences incubator, focused on drug development and related commercialization, was to be created by Tavistock Group, Inc. at the Lake Nona Medical City under a separate consortium agreement; this project was also funded via a State of Florida Legislature appropriation.

Florida Hospital was unable to fulfill its obligation to establish an incubator in the Florida Hospital Health Village.  Instead, Florida Hospital will use the remaining funds to collaborate with Tavistock Group, Inc. who will design, develop and construct an incubator within available spaced in the Guidewell Innovation Center in the Lake Nona Medical City and engage the University of Central Florida to operate the incubator and recruit companies into the incubator for the purposes of high wage job creation and meaningful economic impact.

The attached amendment to the original Consortium agreement reflects this modification to the original project.

Approve the First Amendment to the Consortium Agreement between the City of Orlando and Adventist Health System/Sunbelt, Inc. d/b/a Florida Hospital, and authorizing the Mayor or Mayor Pro Tem and City Clerk to execute same, subject to review and approval by the City Attorney's Office.