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Consider Approving Launch Accelerator and Co-Working Support Renewal and Increased Funding.
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Staff:
Department:
Dwight Bassett, Economic Development Officer
Manager/Economic Development
Overview: The Town of Chapel Hill, Orange County and UNC Chapel Hill jointly agreed to establish and fund the Launch Accelerator in 2012 to provide co-working space and resources for start-up businesses in Orange County. As a part of the initial agreement and as an incentive to 3 Birds marketing to remain in Chapel Hill, we entered into an agreement to allow use of downtown parking spaces for 3 Birds and in exchange they agreed to contribute $10,000 annually to Launch.
While the Town and Orange County have previously funded the organization through the Chapel Hill Downtown Partnership, Launch is now becoming a stand-alone non-profit. The non-profit will allow for broader programming to meet the needs of clientele and help in bringing in private dollars for financial support.
The current agreement expires on December 31, 2018. Orange County has the funding budgeted for the current fiscal year and they plan to agree to continue funding Launch through an InterLocal Agreement with the Town. This item renews our funding commitment and authorizes the Town Manager to enter into an agreement to fund the new organization, Launch, Inc. The non-profit's Executive Board can report back to Council in the next year on steps toward a strategic plan for the new Launch, Inc.
Recommendation(s):
That the Council adopt the resolution renewing and increasing funding for this economic development work and redirect the funds to the new non-profit.
Decision Points:
* Renew the Town's current funding for the organization ($63,500)
* Consider increasing the Town's funding by $10,000 annually ($5,000 in the FY2018-2019 budget year) to replace the loss of contributions from 3 Birds Marketing, LLC (3 Birds) and to make a total annual funding commitment equal to the current County leve...
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