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HomeMy WebLinkAboutFunding for Technology Innovation CenterFIRST MODIFICATION OF TECHNOLOGY BASED EVANSTON BUSINESS DEVELOPMENT FUNDING AGREEMENT. This "First Modification of Technology Based Evanston Business Development Funding Agreement" ("First Modification") extends the Technology Based Evanston Business Development Funding Agreement ("Funding Agreement"), effective April 1, 2010, between the Technology Innovation Center ("TIC"), with principal offices at 820 Davis Street, Evanston, Illinois 60201, and the City of Evanston ("Evanston"), with principal offices at 2100 Ridge Avenue, Evanston, Illinois 60201. Background Recitals The Funding Agreement currently expires by its terms (paragraph 4.j.) on or about May 28, 2011. Evanston and TIC have substantially completed performance of the Funding Agreement. Evanston and TIC desire to modify the Funding Agreement by extending its term and by Evanston paying TIC additional funding for continuing TIC services to Evanston. pursuant to certain conditions described herein. Paragraph 4.i. of the Funding Agreement prescribes the mechanism for modifying the Funding Agreement. Modification. In consideration of the premises and other consideration, the receipt and adequacy of which the parties acknowledge, and in conformity with paragraph 4.i. of the Funding Agreement, Evanston and TIC agree to modify the Funding Agreement as follows: The Term of the Funding Agreement shall extend to December 31, 2011, and the Funding Agreement, paragraph 4.j., Termination, shall be amended to read as follows: Except as otherwise provided in this Agreement, this Agreement shall terminate on December 31, 2011, but the City may terminate this Agreement at any time, for good cause shown. Should TIC desire to terminate the Agreement before December 31, 2011, it shall give written notice of its intent to the City thirty (30) days prior to the effective date of termination. 2. Evanston shall pay to TIC the additional sum of Seventy-five Thousand United States Dollars (U.S. $75,000.00) no later than 10 business days after Evanston and TIC execute this Modification, and paragraph I of the Terms of the Fundine Agreement, "Funding," shall be amended to include the following: Page I of 3 No later than 10 business days after Evanston and TIC execute the First Modification to this Funding Agreement, Evanston will Dav an additional U.S. $75.000.00. as aDDortioned below, to TIC for TIC use in pursuing the following objectives: a. $18300.00 for alumni arouD fundraising, seminar and networking, events, and student Droiects, conditioned on the Drior aDDroval, by Evanston staff. of TIC'S revised summary Drogram for these obiectives: b. $20,250.00 for broadband internet uDgrade: C. $22,500.00 for online marketing and cloud aDDlications for small businesses: and. d. $13.950.00 for management and client services. TIC shall not amend the allocation of approved funding set forth herein without the express anDroval of Evanston's Economic Development Committee., 3. Paragranh 3 of the Funding Agreement, "TIC Performance Obiectives," shall be amended to include the following additional TIC Performance Obiectives: i. Attract at least 8 new early -stage technoloe_ v-based businesses to the TIC no later than December 31, 2011. j. Helo the TIC firms to create at least 22 new lobs, at least 60% of which shall be Dermanent and full-time iobs, no later than December 31, 2011. k. Conduct at least 6 technology business -based seminars to nrovide training and education for business development to at least 15 TIC firms no later than December 31. 2011. Such seminars shall be sDecifically designed to Drovide these small businesses the tools and resources to help them transition from. "early -stage" to "second -stage" firms. TIC staff shall conduct follow-up interviews/survevs to identify how the strate¢ies from the seminars were emDloved at various firms, how they were used to further iob creation, their firm's growth, and/or other definable advantages for businesses. 1. TIC shall cooperate with Evanston staff to assist existing early -stage firms,, located in the TIC incubator space, to graduate from the TIC and move into other suitable space within the corporate limits of the City of Evanston. To achieve this obiective. TIC shall notify Evanston staff no later than 5 business days after it receives notice from any existing TIC firm that said firm intends to leave the incubator space. TIC shall cooperate with Evanston staff to help at least 7 such. firms leave the incubator space no later than December 31, 2011. Page 2 of 3 M. No later than December 31, 2011, connect at least 3 TIC firms with 3 alumni businesses through a mentoring program to increase businesses development skills of the early stage tecbnoloav-based TIC firms. n. TIC shall cooperate with Evanston staff on Evanston -initiated marketing efforts specifically related to technologv entrenreneurshim o. TIC shall include acknowledgements in all apnlications, websites, brochures, and/or marketing materials created for the programs and/or tasks funded hereby. that said materials were funded in part by a Brant from Evanston. 4. This First Modification is hereby incorporated in its entirety into, and made a part of, the Funding Agreement as if expressly set out in the Terms of the Funding Agreement. 5. Except as expressly amended by this First Modification, the original Funding Agreement shall continue in effect according to its terms. IN WITNESS WHEREOF, both Evanston and TIC have executed this Agreement by their duly authorized representatives on the day of May, 2011, in Evanston, Illinois, United States of America. THE CITY OF EVANSTON IC Title: Date: May, 2011 THE TECHNOL OVATION CENTER By: Date: May(, 2011 Page 3 of 3 FIRST MODIFICATION OF TECHNOLOGY BASED EVANSTON BUSINESS DEVELOPMENT FUNDING AGREEMENT. This "First Modification of Technology Based Evanston Business Development Funding Agreement" ("First Modification") extends the Technology Based Evanston Business Development Funding Agreement ("Funding Agreement"), effective April 1, 2010, between the Technology Innovation Center ("TIC"), with principal offices at 820 Davis Street, Evanston, Illinois 60201, and the City of Evanston ("Evanston"), with principal offices at 2100 Ridge Avenue, Evanston, Illinois 60201. Background Recitals The Funding Agreement currently expires by its terms (paragraph 4.j.) on or about May 28, 2011. Evanston and TIC have substantially completed performance of the Funding Agreement. Evanston and TIC desire to modify the Funding Agreement by extending its term and by Evanston paying TIC additional funding for continuing TIC services to Evanston, pursuant to certain conditions described herein. Paragraph 4.i. of the Funding Agreement prescribes the mechanism for modifying the Funding Agreement. Modification. In consideration of the premises and other consideration, the receipt and adequacy of which the parties acknowledge, and in conformity with paragraph 4.i. of the Funding Agreement, Evanston and TIC agree to modify the Funding Agreement as follows: The Term of the Funding Agreement shall extend to December 31, 2011, and the Funding Agreement, paragraph 4 J., Termination, shall be amended to read as follows: Except as otherwise provided in this Agreement, this Agreement shall terminate on December 31, 2011, but the City may terminate this Agreement at any time, for good cause shown. Should TIC desire to terminate the Agreement before December 31, 2011, it shall give written notice of its intent to the City thirty (30) days prior to the effective date of termination. 2. Evanston shall pay to TIC the additional sum of Seventy-five Thousand United States Dollars (U.S. $75,000.00) no later than 10 business days after Evanston and TIC execute this Modification, and paragraph 1 of the Terms of the Fundine Agreement, "Funding," shall be amended to include the following: Page i of 3 No later than 10 business days after Evanston and TIC execute the First Modification to this Funding Agreement, Evanston will pav an additional U.S. $75.000.00. as apportioned below, to TIC for TIC use in Dursuing the following objectives: a. $18.300.00 for alumni aroun fundraising, seminar and networking events, and student Droiects, conditioned on the prior approval, by Evanston staff, of TIC'S revised summary program for these obiectives: b. $20,250.00 for broadband internet upgrade: C. $22.500.00 for online marketing and cloud applications for small businesses. and d. $13,950.00 for management and client services. TIC shall not amend the allocation of aDDroved funding set forth herein without the, express approval of Evanston's Economic Development Committee. 3. Paragraph 3 of the Funding Agreement, "TIC Performance Obiectives," shall be amended to include the following additional TIC Performance Obiectives: i. Attract at least 8 new early -stage technologv-based businesses to the TIC no later than December 31. 2011. j. HeID the TIC firms to create at least 22 new fobs. at least 60% of which shall be permanent and full-time iobs. no later than December 31. 2011. k. Conduct at least 6 technology business -based seminars to provide training and education for business development to at least 15 TIC firms no later than. December 31. 2011. Such seminars shall be sDecifical1v designed to provide these small businesses the tools and resources to help them transition from "earlv-stage" to "second -stage" firms. TIC staff shall conduct follow-ur• interviews/survevs to identify how the strategies from the seminars were emDloved at various firms. how they were used to further iob creation, their firm's growth, and/or other definable advantages for businesses. 1. TIC shall cooperate with Evanston staff to assist existing early -stage firms. located in the TIC incubator space, to graduate from the TIC and move into other suitable space within the corporate limits of the City of Evanston. To achieve this objective, TIC shall notifv Evanston staff no later than 5 business days after it receives notice from any existing TIC firm that said firm intends to leave the, incubator space. TIC shall cooperate with Evanston staff to help at least 7 such firms leave the incubator space no later than December 31, 2011. Page 2 of 3 in. No later than December 31. 2011. connect at least 3 TIC firms with 3 alumni, businesses throueh a mentorine program to increase businesses development skills of the early staee technoloav-based TIC firms. n. TIC shall cooperate with Evanston staff on Evanston -initiated marketins efforts specifically related to technoloev entrepreneurship. o. TIC shall include acknowledeements in all applications, websites, brochures. and/or marketine materials created for the nroerams and/or tasks funded herebv. that said materials were funded in nart by a Brant from Evanston. 4. This First Modification is hereby incorporated in its entirety into, and made a part of, the Funding Agreement as if expressly set out in the Terms of the Funding Agreement. 5. Except as expressly amended by this First Modification, the original Funding Agreement shall continue in effect according to its terms. IN WITNESS WHEREOF, both Evanston and TIC have executed this Agreement by their duly authorized representatives on the _ day of May, 2011, in Evanston, Illinois, United States of America. THE CITY OF EVANST�� By: III Title: Date: May_, 2011 THE TECHNOL©5'E, NNOVATION CENTER By: y^y� Date: May�3, 2011 Page 3 of 3 Plpproved as to ibrM W. Grant Farrar Counsel