HomeMy WebLinkAboutRDA Item No. 6 08-09-11CITY OF
LSIA
DREAM EXTREME.
REPORT TO THE REDEVELOPMENT AGENCY
TO: HONORABLE CHAIRPERSON
AND MEMBERS OF THE REDEVELOPMENT AGENCY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: AUGUST 2, 2011
SUBJECT: LAKE ELSINORE TECHNOLOGY CENTER STATUS UPDATE
Background
On July 12, 2011, the Agency Board heard testimony from staff regarding a request to
execute an "Offer to Terminate Financial Assistance Award Agreement for
Convenience" for the Lake Elsinore Technology Center (LETC). After deliberating, the
Agency Board directed staff to bring the item back at the regularly scheduled meeting of
August 9, 2011. In the meantime, staff was to directed to conduct the following three (3)
tasks:
1. Staff was to meet with representatives of Mr. Gary Jacobs.
2. Contact the Colorado business incubator that Chairwoman Melendez had
referred to.
3. Bring back to the Agency Board either a "Termination for Convenience"
application, an application for an extension of time, information on the ability to
use the grant for locating the incubator within an existing building, or to have
begun the process for entitlements on the construction of a building.
Discussion
On July 14, 2011 staff contacted representatives of Gary Jacobs to discuss the details
of the letter he provided to the Agency Board. On July 16, 2011, Mr. Dave Oster of the
Lake Elsinore Storm notified staff that he had contacted Mr. Jacobs and was directed to
obtain the estimated capital and operating budget as well as the requirements of the
EDA regarding the grant. Since, then staff has obtained all the necessary documents
and provided them to Mr. Oster. However, there has not been sufficient time for Mr.
Jacobs to analyze the information and meet with staff regarding the proposal.
AGENDA ITEM NO. 6
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Lake Elsinore Business Incubator Update
August 9, 2011
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Chairwoman Melendez referenced a business incubator in Colorado. Staff researched
the contact information for all incubators located in the State of Colorado. According to
staff's research, there are six (6) business incubators listed in the State. Staff has left a
message for five (5) with one of the incubators contact information listed as
disconnected. At the time of preparation of this report, staff has not heard back from any
of the five (5) incubators contacted. Staff will keep trying to reach out to the five (5)
incubators in the State so as to have sufficient information to present to the Agency
Board.
Staff contacted the EDA about possibilities of utilizing the grant to establish an incubator
in an existing building rather than constructing a new facility. The EDA indicated that the
use of an existing building would be permitted, but would require an alteration of the
existing grant. However, they notified staff that they were very concerned that the
Agency was very close to the time-limit deadline and we would need to submit an
application for an extension of time immediately. The approval of time extension would
allow staff and Mr. Jacobs to conduct the necessary research.
As recommended by the EDA, staff submitted an "extension of time" request. If
approved, this will provide the Agency with an additional year to identify if the Board
would like to pursue locating the incubator in an existing building or constructing a
building with the possible assistance of Mr. Jacobs.
Fiscal Impact
The fiscal impact to the Agency is minimal. There will be minimal staff time involved until
staff receives a response from the EDA and receives direction from the Agency Board.
Recommendation
Receive and file this status report
Prepared by: Justin Carlsorv~6
Redevelopment Agency Analyst
Approved by: Robert A. BradyQj
City Manager rte
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