HomeMy WebLinkAboutA6399 - CVEP MEASURE J FUNDING LETTER AGR S ,
City of Palm Springs
David H. Ready, Esq., Ph.D.
' City Manager
P 3200 E.Tahquitz Canyon Way, Palm Springs,CA 92262
C"gi•fFORN�
Tel 760.322.8350 • Fax 760.323.8207 • TDD 760,864.9527
David.Ready,@palmspringsca.gov • www.palmspingsca.gov
Joe Wallace October 7, 2015
President&CEO
Coachella Valley Economic Partnership
3111 Tahquitz Canyon Way
Palm Springs, CA 92262
Re: Measure J Funding Uses Amendment
Dearloe:
On July 3, 2013, the Palm Springs City Council approved $1,000,000 to be allocated over a three year period for
the Palm Springs Accelerator Campus project. On September 5, 2013, a Letter Agreement outlining the
disbursement, uses and reporting was executed and approved by both parties.
This Letter Agreement clarifies the Uses for the $250,000 for fiscal year 2015-2016, notwithstanding any
provision in the September 5, 2013, Letter Agreement to the contrary:
1. All funds shall be restricted to capital improvements for the Accelerator Campus, and each expense
shall be approved in advance by the City Manager.
2. All other terms and conditions contained in the Letter Agreement dated September 5, 2013, remain
unchanged and in full force and effect.
3. CVEP shall provide quarterly progress and financial reports on the use of the Measure J funds to the
City of Palm Springs. Reports are due October 31, January 31, April 30 and July 31 until all funds are
disbursed.
The provision outlined above will ensure that the funds provided through Measure J are used in the manner in
which the City intended.
Sincerely, Accepted b .
d
David H. Ready, Esq., Joe all e, President& CEO
City Manager CVEP
77Z/ 4
Attest: Approved
ForBy �
By:
James Thompson, City Clerk Douglas C. Holland,City Attorney
'--�APPROMEp BY CRY COUNCIL PO Box 2743, Palm Springs, California 92263
oq/04-/2013 4631T
City of Palm Springs
David H. Ready, Esq., Ph.D.
City Manager
V
3200 Easr Tahquaz Canyon Way,Palm Springs CA 92262
Tel 760.322.8350 • Fax 760.323 8207 • TDD 760.864.9527
David.Ready@palmspringsca.gov • www.paimspringsca.gov
September 5, 2013
Mr. Thomas Flavin
President & CEO
Coachella Valley Economic Partnership
3111 Tahquitz Canyon Way
Palm Springs, CA 92262
RE: Measure J Funding Disbursement, Uses and Reporting
Dear Tom:
On July 3, 2013,the Palm Springs City Council approved $1,000,000 for the Palm Springs
Accelerator Campus project to be allocated over a three-year period beginning in FY 13/14.
As was discussed at our meeting on August 15, 1 am forwarding this letter agreement to you
outlining provisions for uses and reporting associated with the project and for the Measure J
funding disbursement. The Coachella Valley Economic Partnership (CVEP) currently manages
the Accelerator Campus and the Innovation Hub under an Amended Administrative Services
Agreement, which cover the duties of CVEP in the areas of reporting and administration. The
following points outline the understanding between the City of Palm Springs and CVEP
associated with this additional financial commitment:
Uses
• As part of this Agreement, CVEP shall manage and expand the Accelerator Campus
activity and program associated with the Coachella Valley Innovation Hub (CViHub),
including recruiting, mentoring, assisting and evaluating businesses that are
"graduating" from the CViHub and are ready to pursue commercialization of their
product or service.
• Pursuant to this Agreement, the facility at 2901 East Alejo Road and all "acceleration"
activities of the CViHub shall be branded as the "Palm Springs Accelerator Campus" in all
on-site and off-site signage, letterhead, brochures and collateral materials, website,
social media and other electronic references. The City acknowledges that the
Accelerator Campus is part of the Coachella Valley Innovation Hub, which is the official
PO Box 2743,Palm Springs CA 92263
State-sanctioned name for the entire Innovation Hub program, and which will not
change; and
• The funds provided by the City pursuant to this Agreement are to be used by CVEP for
both tenant improvements and operations costs solely for the Palm Springs Accelerator
Campus during the fiscal years for which they are provided; and
• Any changes in the use of funds outside the scope of the Accelerator Campus will
require prior City approval; and
Disbursement
• The commitment by the City for the Accelerator Campus is considered to be $1,000,000,
which is to be disbursed over three years for the convenience and cash flow needs of
the City; therefore, any "excess" funds disbursed to CVEP under this agreement for a
fiscal year can be rolled over into the following fiscal year without additional approval of
the City, and any cash shortfall of CVEP's in the tenant improvement project within a
given fiscal year that is not the last year can be replenished from the following year's
disbursement from the City; and
• The amounts to be disbursed by the City are: FY 13/14- $500,000; FY 14/15 -$250,000;
and, FY 15/16- $250,000.
• In FY 13/14,the full amount of$500,000 will be disbursed to the CVEP within 30 days
after this Agreement and the Master Lease agreement are executed by both parties.
• In FY 14/15 and FY 15/16,the full amount allocated will be disbursed 30 days after an
Annual Report on the Palm Springs Accelerator Campus is presented to the City Council.
• CVEP will provide quarterly reports to the City on the use of the Measure 1 funds.
These provisions will ensure that the funds provided through Measure 1 are used in the manner
in which the City intended, while providing CVEP with the flexibility it needs to develop and
operate the Palm Springs Accelerator Campus in a fashion that optimizes its success.
Sincerely, Accepted by:
David H. Ready, (;homas F vi
City Manager President EO
A.Tnw . y of Palm Springs l CVEP
APPROVED BY CITY COUNCIL