Florida Atlantic Research and Development Authority Board of Directors Meeting

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1 Florida Atlantic Research and Development Authority Board of Directors Meeting 3651 FAU Boulevard, #400, Boca Raton, FL August 28, 2012 at 2.30 PM AGENDA I. Call to order - Chair Maier II. III. IV. Roll call Mr. Duffell Additions, deletions, substitutions to the agenda Mr. Duffell Review of the minutes of the June 13, 2012 meeting Chair Maier V. Chair s report Chair Maier VI. VII. VIII. IX. Treasurer s report Mr. Duffell General Counsel s report Mr. Morales President s report Mr. Duffell Developer s report Mr. Livingston X. Old business XI. XII. New business Adjourn Next meeting: October 10, 2012

2 Florida Atlantic Research and Development Authority Board of Directors Meeting June 13, FAU Boulevard, #400, Boca Raton, FL Chair Maier called the meeting to order at 8.02 AM Members present Lonnie Maier Michael Daszkal, CPA Roxanna Trinka Bruce Rosetto Members absent Robert Parks, Ed.D. Bob Swindell Barry Rosson, Ph.D. Staff present: Chair Vice Chair Member Member Treasurer Member Member Andrew Duffell, President & CEO General Counsel present: Jimmy Morales, Esq. Others present: Kathy Koch Ambit; Pete LoBello; Bob Echols HDG Mansur; Albert Livingston HDG Mansur; Michael Marshall Siemon & Larsen; Anthony Fisher Hold Thyssen; David Bateman Flagler; Dana Chase Hold Thyssen; Christine Cannon EDC; Rob Strandberg EDC; Jane Teague Florida Institute for the Commercialization of Public Research. Approval of the Minutes A motion to approve the minutes of the April 11, 2012 meeting was made by Mr. Rosetto, and seconded by Ms. Trinka. The motion passed 4 0, with three members absent. Additions, deletions, substitutions to the agenda None. Chair s report Chair Maier reported that the Authority has closed on the Airport Authority transaction, and that the first year s rent has been received. She informed the members that she had attended the latest FAU Board of Trustees meeting with the President and CEO, and that he presented the Research Park s activities to the board. The Chair also informed the members that the President and CEO is working on a new event that will highlight FAU s research, and provide an opportunity to highlight the role of the Research Park in economic development, and that more developments and updates would be forthcoming. Page 1 of 4

3 Treasurer s report In the absence of the Treasurer, the Chair asked the President & CEO to give the financial report. He stated that the April financial statements, which were presented in the meeting packet, show strong revenue for the Technology Business Incubator. Expenses show a large legal bill related to the Airport Authority transaction that was not budgeted for. Health insurance is also over budget because life insurance is paid up front. Rental expenses are also high because of a 2011 Common Area Maintenance (CAM) reconciliation that brought obligations into line. May financial statements will be presented at the next meeting. Motion to approve the financial statements and report was made by Mr. Daszkal and seconded by Mr. Rosetto. The motion passed 4 0, with three members absent. General Counsel s report Mr. Morales presented a comparison between the Broward and Palm Beach county ethics ordinances, and recommended, along with Mr. Duffell, that the Board enter into discussions with the aim of bringing a Memorandum of Understanding (MOU) which would submit the Florida Atlantic Research and Development Authority to the Palm Beach County Commission on Ethics, to the Board for approval. Motion to direct the President & CEO and General Counsel to begin discussions with the Palm Beach County Commission on Ethics, and to bring an MOU to the Board for approval made by Mr. Rosetto, and seconded by Ms. Trinka. The motion passed 4 0, with three members absent. Mr. Morales also brought to the attention of the members the fact that they should have received their Financial Disclosure Statements Form 1 from the Florida Commission on Ethics. These forms must be filled in and returned in the prescribed way, and he offered to make himself available to any member who might have questions about the form and/or process. Review of American Sugar Refining s White Paper and Resolution Mr. Duffell noted that American Sugar Refining (ASR) is in negotiations with HDG Mansur to lease space in Innovation Center 1 (IC1), and that he had met with the company. Mr. Duffell stated that he had introduced the company to faculty at FAU, and that the ASR White Paper was unanimously recommended for approval by the Technology Review and Advisory Committee (TRAC). Resolution of the Board of the Florida Atlantic Research and Development Authority approving the tenancy of American Sugar Refining, Inc. as a tenant in the Research Park at Florida Atlantic University, Boca Raton, Florida; and providing for an effective date. Motion to approved Resolution made by Ms. Trinka, and seconded by Mr. Rosetto. The motion passed 4 0, with three members absent. Page 2 of 4

4 Presentation by Siemon & Larsen regarding the Conceptual Master Plan for the Boca Raton campus, and review of Resolution Mr. Michael Marshall of Siemon & Lasen outlined the background of the master plan of development for the Research Park, and the history of the Inter Local Agreement with the City of Boca Raton. He also outlined the steps and timeframes needed to seek additional development rights in the Research Park. Resolution of the Board of the Florida Atlantic Research and Development Authority directing the President and CEO to negotiate with the City of Boca Raton for an expansion of the square footage of development authorized at the Authority s Boca Raton Research Park; and providing for an effective date. Discussion was held about the inclusion of square footage of a conceptual hotel in the plan, and whether to include that in the desired increase in total development rights 170,000. Consensus was to include the 170,000 square footage in the motion and negotiations. Motion to approve Resolution 12-04, with amended square footage of 170,000 square feet, made by Mr. Rosetto and seconded by Mr. Daszkal. The motion passed 4 0, with three members absent. EDC presentation Mr. Strandberg, of EDC, made a presentation about the Technology Business Incubator (TBI), its current position and his plans to optimize it. President s report Mr. Duffell stated that his written report was comprehensive, and had only a few additions: - The planned event that the Chair mentioned is tentatively scheduled for September 19 th and its aim is to highlight research being done at FAU, and to bring in private sector technology companies to become more familiar with it. Ideally the event will be held at the Deerfield Beach facility. - A ribbon-cutting is planned for the new Technology Business Incubator suite in the next month. - Ambit Advertising submitted the Report to the Community for an award from the Advertising Federation, and it won. Motion to incorporate the President & CEO s written report into the minutes made by Ms. Trinka, and seconded by Mr. Rosetto. The motion passed 4 0, with three members absent. Developer s report Mr. Livingston gave an update on the leasing interest and activity in the Research Park, stating that interest is still strong. The Deerfield Beach facility has been visited lately, and there are some expansions and relocations planned within the Boca Raton campus. Page 3 of 4

5 Old business None. New business None. Adjournment There being no other business, Chair Maier asked for a motion to adjourn the meeting. Motion to adjourn the meeting of the Board of Directors of the Florida Atlantic Research and Development Authority at 9.30 AM made by Ms. Trinka, seconded by Mr. Rosetto. The motion passed 4 0, with three members absent. Page 4 of 4

MEMORANDUM DATE: August 21, 2012 TO: Florida Atlantic Research and Development Authority Board of Directors CC: Deerfield Beach City Commissioners; City Manager; Assistant City Manager; FARDA General

18 MEMORANDUM DATE: August 21, 2012 TO: Florida Atlantic Research and Development Authority Board of Directors CC: Deerfield Beach City Commissioners; City Manager; Assistant City Manager; FARDA General Counsel; HDG Mansur; South Florida Stakeholders FROM: Andrew Duffell, President & CEO RE: BI-MONTHLY UPDATE OF ACTIVITIES The Research Park continues to go from strength to strength, and is increasingly seen as an important regional asset. Despite the fact that we are in the summer season, activity has remained strong and there are a number of promising and positive developments to report on. Importantly, our development and leasing teams were successful in securing American Sugar Refining (ASR) as a major tenant in the Research Park in Boca Raton, offering the possibility of significant chemistry and nutritional research being conducted. Outreach In an effort to highlight success stories in the Research Park, we nominated Modernizing Medicine s CEO, Dan Cane for inclusion in the 40 Under 40 list, compiled by the South Florida Business Journal, and he was accepted. President was included in the 40 Under 40 list, compiled by the South Florida Business Journal, and attended a honorary luncheon, with members of the Board and other partners. In an effort to highlight the successful business community involvement in our activities, Vice Chair Michael Daszkal was nominated as the Florida Economic Development Council s SE Florida Volunteer of the Year for his work as Chair of the Authority in He was honored with the award at their annual conference in Tampa in June. President chaired 2 meeting of the Boca Raton Chamber of Commerce s economic development committee, reminding members that the Research Park works constantly to foster entrepreneurship and collaboration with FAU. The second meeting of the committee took place in the Research Park, and was very well received, inspiring Chamber members to be more active in the promotion of the area. Several media outlets have run stories about the Research Park recently, including ones about FAU students creating companies in the TBI, Vplenish, and Modernizing Medicine, Page 1 of 3

19 which officially opened its facility, and was named the fastest growing company in South Florida but the South Florida Business Journal. MedUTech is now officially a resident of the TBI. This gives us greater exposure in the community, and with decision makers on the steering committee that will hold their meetings there. Participated in the Life Science South Florida executive committee meeting in Miami, along with FAU President Saunders, FIU President Rosenberg, and others. FIU is preparing a joint grant application for the federal Economic Development Administration (EDA) for cluster management, for which the Research Park submitted a support letter. If the application is successful the Research Park will be awarded some funds to help foster life science companies. Sponsorship has been secured from FPL Fibernet, FAU, Daszkal Bolton, BB&T, Greenberg Traurig and Ambrose Group for the September 19 th event: Research: the Key to Commercial Success that will be held in the Deerfield Beach facility. Costs will be outweighed by revenues for the event. Continued development of a proposal to locate an infectious disease research institute in Deerfield Beach; made initial inquiries with the Inter-American Development Bank (IDAB) to secure its involvement in the project. The President of the IDAB is an FAU alumnus. President presented to the Rotary Club of central Boca Raton, at their request, to brief the membership on the developments at the Research Park. President discussed further integration and emphasis with the deans of the University at their Deans Meeting. President of FAU, Provost, and Dean of Medicine all toured Innovation Center 7 (IC7) with a view to using it for faculty research. Hosted Florida Senator Sachs at the TBI to discuss the initiatives we have going on. President attended the annual White Coat Ceremony for the College of Medicine. Resource development President met with representatives of Simmons/Experian in Deerfield Beach to foster greater collaboration between the company and FAU. Subsequently a representative of the company, an FAU alumnus, met with the Acting Dean of the College of Business to discuss initiatives. The next step is to convene a meeting of Business faculty to match interests with the company s resources. Chair Maier and President visited Modernizing Medicine to facilitate deeper interaction and research with FAU s College of Business and College of Engineering. Subsequent meetings have taken place with the Adams Center for Entrepreneurship to explore potential. President met with the FAU students that formed Acme Innovations and became TBI residents. They are engaged in a project with Lockheed Martin to develop Androidbased applications for security purposes. Research Park donated the TBI office space to the project. The outcome of the project is satisfactory to Lockheed Martin and discussions are underway to extend it, with more revenue, and rental income for Page 2 of 3

20 Research Park. If the framework is judged effective, Research Park can offer the space on a more continuous basis to such FAU student teams. President met with representatives of Palm Beach County to discuss the development of the Research Park Catalyst Fund, and to discuss ways in which the County can participate. President met with representatives of Deerfield Beach to discuss the development of the Research Park Catalyst Fund, and to discuss ways in which the City can participate. Progress is being made toward getting the Research Park on the Florida LambdaRail (FLR) network, and should be completed by October. The Research Park will become the first such entity in the state to participate in the FLR. Operational President, along with developer and FAU, met with representatives of the Florida Department of Transportation to coordinate the replacement and upgrading of the monument entry signs to the Research Park and University. Replacement will take place during/after the I-95 interchange project. Discussions have taken place between President and immediate sub-lessees regarding the potential for FARDA to acquire their lease interest. At this point, discussions have only been preliminary, and company principals are to indicate their interest, or lack thereof, in order to move to next stage of discussion. The annual survey of Research Park tenants has concluded, and data have been submitted to Palm Beach County to get the full economic analysis. The full annual report is now in development. o 22 companies o 950 employees o Annual revenues $1.7B o Annual payroll $54.4M o Average salary $68,157 o Average projected growth rate for the next 12 months 55% o 63 identified FAU alumni working in the Research Park o 35 identified FAU interns working in the Research Park Future Expansion Discussions continue with Endeavor Sustainable Investment (ESI) and the Town of Jupiter regarding FARDA s interest in establishing a northern campus in proximity to FAU s campus. President has liaised with General Counsel regarding the structure of the proposed project. Points of interest are under discussion with ESI, and ongoing. President, along with the Town of Jupiter presented the concept to the Treasure Coast Regional Planning Council s Comprehensive Economic Development Strategy Committee (CEDS), and it was endorsed unanimously. This clears the way for inclusion by the full Treasure Coast Regional Planning Council to adopt the concept at its September meeting, enabling the application for federal funding. Page 3 of 3

RESOLUTION 14-3 NOW THEREFORE BE IT RESOLVED BY THE BOARD OF THE FLORIDA ATLANTIC RESEARCH AND DEVELOPMENT AUTHORITY THAT:

RESOLUTION 14-3 NOW THEREFORE BE IT RESOLVED BY THE BOARD OF THE FLORIDA ATLANTIC RESEARCH AND DEVELOPMENT AUTHORITY THAT: RESOLUTION 14-3 RESOLUTION OF THE BOARD OF THE FLORIDA ATLANTIC RESEARCH AND DEVELOPMENT AUTHORITY APPROVING STRATEGIC PLAN; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Florida Atlantic Research