R21-085 1 RESOLUTION NO.R21-085
2 A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA,
3 AUTHORIZING THE CITY MANAGER TO SIGN A GRANT
4 AGREEMENT WITH FLORIDA ATLANTIC UNIVERSITY TO
5 PROVIDE FOR THE CREATION,DEVELOPMENT,AND OPERATION
6 OF AN ECONOMIC DEVELOPMENT HUB WITHIN THE CITY HALL
7 INNOVATION SPACE TO ACCELERATE TECHNOLOGY
8 DEVELOPMENT AND INCUBATE STARTUP COMPANIES; AND
9 PROVIDING AN EFFECTIVE DATE.
10
11 WHEREAS, the City developed a mixed-use facility that includes a City Hall, Library,
12 Café, Innovation space and cultural space and engaged the experienced Commercial Real Estate
13 Advisory Services of E2L Real Estate Solutions, the Master Developer for the Town Square
14 project and Avison Young to market and lease any space constructed within the new City
15 buildings; and
16 WHEREAS, the City will provide to FAU its project contribution of Fifty Thousand
17 Dollars($50,000)Dollars to be used for programming; and
18 WHEREAS, the City Commission of the City of Boynton Beach, Florida, upon the
19 recommendation of staff, deems it to be in the best interests of the City residents to approve and
20 authorize the City Manager to sign a Grant Agreement with Florida Atlantic University to provide
21 for the creation,development,and operation of an economic development hub within the City Hall
22 innovation space to accelerate technology development and incubate startup companies.
23 NOW,THEREFORE,BE IT RESOLVED BY THE CITY COMMISSION OF THE
24 CITY OF BOYNTON BEACH,FLORIDA,THAT:
25 Section 1. Each Whereas clause set forth above is true and correct and incorporated
26 herein by this reference.
27 Section 2. The City Commission of the City of Boynton Beach, Florida does hereby
28 approve and authorize the City Manager to sign a Grant Agreement with Florida Atlantic
29 University to provide for the creation, development, and operation of an economic development
30 hub within the City Hall innovation space to accelerate technology development and incubate
31 startup companies. A copy of the Grant Agreement is attached hereto as Exhibit"A".
S:\CA\RESO\Agreements\Grant Agreement With FAU For Innovation Space-Reso.Docx
32 Section 3. That this Resolution shall become effective immediately upon passage.
33 PASSED AND ADOPTED this 20th day of July, 2021.
34 CITY OF BOYNTON BEACH,FLORIDA
35
36 YES NO
37
38 Mayor—Steven B. Grant ✓
39
40 Vice Mayor—Woodrow L. Hay
41
42 Commissioner—Justin Katz
43
44 Commissioner—Christina L. Romelus
45
46 Commissioner—Ty Penserga
47
48 VOTE (1-0
49 ATTEST:
50
51
52
53 stal Gibson, MMC
54 City Clerk
55
56
57 (Corporate Seal)
Ct` rs
S:\CA\RESO\Agreements\Grant Agreement With FAU For Innovation Space-Reso.Docx
R21-085
GRANT AGREEMENT q
This Grant Agreement("Agreement")is made and effective thisd h day of Je 2021,
by and between CITY OF BOYNTON BEACH, 100 East Ocean Avenue,Boy ton Beach, Florida
33435("City")and THE FLORIDA ATLANTIC UNIVERSITY BOARD OF TRUSTEES,a Florida
public body corporate,on behalf of Tech Runway ("FAU").
WHEREAS, the City of Boynton Beach is an inclusive City that seeks build an equitable
economy that will grow family-wage careers,advance opportunities for prosperity,collaborate with
partners for an equitable city,and create vibrant neighborhoods and communities,and
WHEREAS,the core objective of the Innovation Space is to create an entrepreneurial ecosystem
that serves as a pipeline to prosperity for Boynton Beach residents,startups,and small businesses,and
WHEREAS,the City envisions the Innovation Space as central hub for convening its tenants in
a"ecosystem"type of connectivity to provide value added services with the goal of economic growth
and innovation,and
WHEREAS, the City is seeking an operator to introduce a unique space that provides
opportunities for clients such as, startups, entrepreneurs, creatives, engineers, software developers,
inventors,outsource professionals,lawyers,financial advisors,business management companies,and
residents.
In consideration of the mutual promises contained herein,the City and FAU agree as follows:
ARTICLE 1—BUSINESS INCUBATION PROGRAM PERFORMANCE OBLIGATION
FAU's responsibility under this Agreement is to provide for the creation,development,and operation
of an economic development hub to accelerate technology development and incubate startup
companies through, structured team mentoring based on the MIT Venture Mentoring process,
entrepreneurship instruction and education,preferred access to regional business and tech events,no-
cost co-working space, introductions to potential sources of early-stage capital, cash investment
awards, marketing and business planning support from college interns, and free office hours from
premier professional support firms(attorneys,accountants,etc.),as more specifically set forth in the
Scope of Obligations detailed in Exhibit"A".
ARTICLE 2—TERM
This Agreement shall be effective as long as the Lease Agreement between the parties is effective.
ARTICLE 3-PAYMENTS TO FAU
A. The total amount to be paid by CITY under this Agreement for the creation,development,
and operation of an economic development hub by FAU including, if applicable, "out of
pocket"expenses shall not exceed a total amount of Fifty Thousand Dollars($50,000)Dollars.
B. Upon execution of this Agreement by both Parties, CITY will provide to FAU its project
contribution of Fifty Thousand Dollars($50,000)Dollars to be used for programming.
ARTICLE 4—TERMINATION AND RECAPTURE
A. In the event that a party fails to comply with the terms of this Agreement,other than payment
of funds, then the non-defaulting party shall provide to the defaulting party notice of the
default and the defaulting party shall have ten (10) days within which to initiate action to
correct the default and thirty(30)days within which to cure the default to the satisfaction of
the non-defaulting party.
B. In the event that the defaulting party fails to cure the default,the non-defaulting party shall
have the right to terminate this Contract.The effective date of the termination shall be the date
of the notice of termination.
[004552412 506-9001821} I
C. In the event FAU does not expend the funds for programming as set forth in Exhibit"A",the
City shall have the right to recapture all or a portion of the contribution funds.
ARTICLE 5—SUCCESSORS AND ASSIGNS
CITY and FAU each binds itself and its partners,successors,executors,administrators and assigns
to the other party and to the partners,successors, executors,administrators and assigns of
such other party, in respect to all covenants of this Agreement. Except as above, neither CITY nor
FAU shall assign, sublet, convey or transfer its interest in this Agreement without the prior written
consent of the other.
ARTICLE 6—REMEDIES
This Agreement shall be governed by the laws of the State of Florida. Any legal action necessary to
enforce the Agreement will be held in Palm Beach County.No remedy herein conferred upon any party
is intended to be exclusive of any other remedy,and each and every such remedy shall be cumulative
and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or
in equity, by statute or otherwise.No single or partial exercise by any party of any right,power,or
remedy hereunder shall preclude any other or further exercise thereof.
No provision of this Agreement is intended to, or shall be construed to, create any third-party
beneficiary or to provide any rights to any person or entity not a party to this Agreement,including but
not limited to any citizen or employees of CITY and/or FAU.
ARTICLE 7—ACCESS AND AUDITS
FAU shall maintain adequate records to justify all charges,expenses,and costs incurred in estimating
and performing the work for at least three (3) years after completion or termination of this
Agreement. CITY shall have access to such books,records,and documents as required in this
section for the purpose of inspection or audit during normal business hours, at FAU's place of
business.
ARTICLE 8—NONDISCRIMINATION
FAU warrants and represents that all of its employees are treated equally during employment without
regard to race,color,religion,disability, sex,age,national origin,ancestry,marital status, familial
status,sexual orientation,gender identity and expression,or genetic information.
ARTICLE 9—AUTHORITY
FAU hereby represents and warrants that it has and will continue to maintain all licenses and
approvals required to conduct its business,and that it will at all times conduct its business activities
in a reputable manner. Proof of such licenses and approvals shall be submitted to CITY's
representative upon request.
ARTICLE 10—SEVERABILITY
If any term or provision of this Agreement,or the application thereof to any person or circumstances
shall, to any extent, be held invalid or unenforceable, the remainder of this Agreement, or the
application of such terms or provision,to persons or circumstances other than those as to which it is
held invalid or unenforceable, shall not be affected, and every other term and provision of this
Agreement shall be deemed valid and enforceable to the extent permitted by law.
ARTICLE 11—NOTICE
All notices required in this Agreement shall be sent by certified mail,return receipt requested,
hand delivery or other delivery service requiring signed acceptance.If sent to CITY,notices shall be
addressed to:
City of Boynton Beach
{00455241 2 306-9001821) 2
Attn: City Manager
100 East Ocean Avenue
Boynton Beach,FL 33435
If sent to FAU,notices shall be addressed to:
FAU Tech Runway
Division of Research
777 Glades Road
Boca Raton,FL 33431
ARTICLE 12—ENTIRETY OF CONTRACTUAL AGREEMENT
CITY and FAU agree that this Agreement sets forth the entire agreement between the parties, and
that there are no promises or understandings other than those stated herein.None of the provisions,
terms and conditions contained in this Agreement may be added to,modified,superseded or otherwise
altered,except by written instrument executed by the parties hereto.
ARTICLE 13—REGULATIONS;LICENSING REQUIREMENTS
FAU shall comply with the Lease Agreement with the City,and all laws,ordinances and regulations
applicable to the services contemplated herein,to include those applicable to conflict of interest and
collusion. FAU is presumed to be familiar with all federal,state and local laws,ordinances,codes
and regulations that may in any way affect the services offered.
ARTICLE 14-INCORPORATION BY REFERENCE
The Lease Agreement, and Exhibits attached hereto and referenced herein shall be deemed to be
incorporated into this Agreement by reference.
(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.)
)00455241.2 306-9001821) 3
IN WITNESS OF THE FOREGOING,the Parties have set their hands and seal the day and year
first written above.
CITY:
A t"1'bST: CITY OF BOYNTON BEACH
C tal Gibson,City Clerk Lori Laverriere,City Manager
APPRO D • . T"4 FORM: ,�
moi// ti
O` re of the C. "Forney
THE FLORIDA ATLANTIC UNIVERSITY
BOARD OF TRUSTEES
OB/O
TECH RUNWAY
By:
Name: Miriam Campo
Title: Assistant VP for Research
Date: September 20, 2021
Attest/Authenticated:
(Corporate Seal)
By:
4
Exhibit"A"
Scope of
Obligations
100455241.2 306-9001521) 5
City of Boynton
Programmatic Grant
College or Department:Division of Research,FAU Tech Runway
Principal Investigator:Jessica A.Beaver
Sponsor Name:City of Boynton
Project Title:Grant Agreement between City of Boynton and FAU Tech Runway
Objective or Purpose
The City of Boynton seeks to provide grant funding that will enable FAU Tech Runway to expand its services within the
City,provide support and resources to local entrepreneurs and startups,and to bring awareness to the City of
Boynton's economic development efforts and numerous resources offered to businesses.
FAU Tech Runway Program Overview
FAU Tech Runway is a critical component of economic development throughout the region.It provides entrepreneurs
with a complete ecosystem in which to train,mentor,fund,and scale their companies from ideation to early revenue
stage.In addition,FAU Tech Runway offers collaborative co-working space to participating venture companies.
FAU Tech Runway offers entrepreneurship instruction including NSF I-Corps,preferred access to regional business and
tech events,no cost co-working space,introductions to potential sources of early-stage capital,marketing and business
planning support,and free office hours from premier professional support firms(law firms,accounting firms,etc.)
A cornerstone of FAU Tech Runway's success is its mentorship model,based on MIT's Venture Mentoring Service(MIT
VMS).Through this cross-functional mentorship model,participating venture companies receive guidance,coaching,
and introductions to resources.We are also home to the first university-affiliated angel network in the state,FAU Tech
Runway Investor Network(TRIN).
FAU Tech Runway's performance metrics speak to impact on the regional ecosystem. Companies launched by our
entrepreneurs have generated over$278.4 million in revenue,created 642 jobs,raised more than$133.8 million in
capital(all sources),provided 199 internships,and have applied for over 120 patents and trademarks as of June 2021.
Use of Proceeds Overview
The expansion of the FAU Tech Runway program into the City of Boynton is designed to stimulate and advance the City's
economic ecosystem by meeting the needs of its entrepreneurs and small businesses.
Funding provided by the City of Boynton will allow FAU Tech Runway to expand its incubator/accelerator program
into the City of Boynton,thereby reaching a more significant number of early-stage companies and entrepreneurs.
FAU Tech Runway's objective is to offer entrepreneurs and early-stage start-ups with the resources needed to develop
their business skills,to scale their companies,and to establish a formal presence within the City of Boynton for long-
term growth and expansion.The FAU Tech Runway program will provide local entrepreneurs with educational
seminars and workshops,access to funding through grants and other sources of capital,access to student interns,
mentoring opportunities,professional business connections,networking opportunities,investment opportunities
through the TRIN,and much more.
FAU Tech Runway's overall goal is to support and enhance the City of Boynton's economic development efforts through
the resources and services provided by the program.
Use of Proceeds Summary
The operational funds furnished by this grant will enable the FAU Tech Runway program to provide the City of Boynton
with the following:
(i) educational seminars and instruction for entrepreneurs/small businesses within the City of Boynton;
(ii) introductions to sources of capital,including grants and other funding opportunities;
100465241.2 306-90018211 6
(iii) access to student interns;
(iv) a venue(literally and figuratively)for potential angel/venture capital investors to review investment
opportunities in early-stage companies through the Tech Runway Investor Network(TRIN);
(v) support and resources to local businesses and entrepreneurs through University partnerships such as the
Small Business Development Center @ FAU,Adams Center for Entrepreneurship,College of Engineering,
professional support firms(i.e.,law/accounting firms),and more.
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