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Community RetlevelopmentAgency February 12, 2010 Page 2 of the minutes}. He said Dr. Tam O'Neal developed the program to provide researchers at the University a place to start a business. He said the incubator program is aUniversity-driven community partnership that provides early stage companies with the tools, training and infrastruc#ure to create financially stable high growth enterprises. Ms. Campbell arrived at the meeting at 9:04 a.m. Mr. Hogan continued his PowerPoint presentation. He said the primary responsibility of the incubator program is: ® The daily management of the facility a Help clients with their upcoming questions ~ Assist them with business connectionslnetwork ® Introduce them to all the advantages of being part of the UCF Business Incubator Program networklconnections A general discussion ensued regarding the use of the old Wachavia Bank building far an incubator site, retaining businesses involved in the incubator program to remain in the Gity after graduating from the program, demand for another incubator program in the area and partnering with other entities. Mr. Daigle requested that Mr. Martin provide figures for the incubator program. Mr. John Casseiberry, 700 South lost lake lane, Casselberry, Florida came forward. Mr. Casselberry said most businesses tail in the first year. In response to Mr. Casselberry's question, Mr. Hogan stated that the incubator program is not used for retail businesses; however, a chain business could use the incubator as a headquarter office. In response to Ms. Solomon's question regarding grant funding, Mr. Hogan stated the only grants that he has seen are firom Federal Economic Development and their funding has been reduced. Fourth Item of Business: Finance Report Mr, Randy Newton, Finance Director, reviewed the Finance Report for month ending January 31, 2010 (a copy is on file in the Community Development Department). Mr. Newton explained that the negative figures shown in the UnrealizedlUnencumbered column represent spending that has taken place where there was not sufficient budgeting to match, He said the budget was amended to include the rollover items that were approved by the CRA in December; however some of the estimations were incorrect. He said that the City may need to come back to the CRA to revise the budget amendment to correct these figures. He said these items are related to ongoing projects coming forward from 2009 (Plumosa intersection improvements and Lake Concord Park).