File #: 2018-309    Version: 1 Name:
Type: Agreement Status: Approved
File created: 8/15/2018 In control: City Council
On agenda: 8/20/2018 Final action: 8/20/2018
Title: MOU - HP365 Business Incubator Project Consideration of approval of the attached MOU between the High Point Chamber Foundation, Inc., a North Carolina non-profit corporation and a charitable foundation, subsidiary, HP 365, LLC, and the City of High Point provides understanding regarding HP365’s creation of a business incubator space with assistance from $3 million of funding that will pass through the City ($1.5 million in private funds from High Point Chamber Foundation, Inc. and $1.5 million appropriated from the Rural Economic Development Division of the North Carolina Department of Commerce. Staff recommends City Council authorize staff to make any necessary minor revisions and execute the MOU after the document is reviewed by NC Department of Commerce staff and attorneys. (This item was disucssed at the Finance Committee meeting on Thursday, August 16th and the Committee recommended it be placed on the Monday, August 20th Regular Agenda)
Sponsors: Committee of the Whole
Attachments: 1. MOU - HP365 Incubator Project RH REV, 2. HP365 outline of MOU

Title

MOU - HP365 Business Incubator Project

Consideration of approval of the attached MOU between the High Point Chamber Foundation, Inc., a North Carolina non-profit corporation and a charitable foundation, subsidiary, HP 365, LLC, and the City of High Point provides understanding regarding HP365’s creation of a business incubator space with assistance from $3 million of funding that will pass through the City ($1.5 million in private funds from High Point Chamber Foundation, Inc. and $1.5 million appropriated from the Rural Economic Development Division of the North Carolina Department of Commerce. Staff recommends City Council authorize staff to make any necessary minor revisions and execute the MOU after the document is reviewed by NC Department of Commerce staff and attorneys.  (This item was disucssed at the Finance Committee meeting on Thursday, August 16th and the Committee recommended it be placed on the Monday, August 20th Regular Agenda)

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