THE LIBRARIES DIVISION AND OFFICE OF ECONOMIC AND SMALL BUSINESS DEVELOPMENT RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board Values by ensuring economic opportunities for Broward’s diverse population and businesses.
On December 14, 1999 (Agenda Item 80), the Board of County Commissioners (Board) approved an Agreement with NSU for the design, construction, and operation of a joint-use library and parking garage. The agreement includes certain obligations of NSU and the County regarding a build-out of the Library’s fifth floor.
In lieu of what was anticipated to be developed on the fifth floor, the Board has expressed support for construction and operation of an Innovation Center. The Tenth Amendment addresses the parties’ respective obligations regarding the Innovation Center.
The parties have exchanged several drafts of the Tenth Amendment. The County’s current proposed draft is attached as Exhibit 1, which incorporates most, but not all, of NSU’s proposed revisions from NSU’s May 29, 2019 draft (a copy of which is attached as Exhibit 2). Between now and the June 11 meeting, the parties will continue their efforts to reach agreement on the remaining open terms, and a revised draft reflecting those terms will be distributed as additional material. If the parties are unable to reach complete agreement prior to June 11, it is anticipated that a substitute motion statement will be prepared to authorize the County Administrator to negotiate the remaining open issues and subsequently execute the amendment.
The Tenth Amendment requires the County and NSU to each contribute $5,000,000 in capital contributions for the design and construction of the Innovation Center (with an exception the scope of which is currently being negotiated). Additionally, NSU will endeavor to raise an additional $10,000,000 from the business community to support the operating and maintenance expenses of the Innovation Center.
The Innovation Center will further the County's small business initiatives by providing programming that features industry experts and mentorship, networking opportunities, training for small business and entrepreneurs, programs for teens and adults, and providing access to seed investors and venture capitalists.
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