SUBJECT:
Title
A Resolution of the Board of Trustees of the Town of Erie Approving a Services and Reimbursement Agreement with Latitude Digital to Turn the Property Located at 660 Briggs into a Co-Working Space for Use by Town Employees and the Public
Body
DEPARTMENT: Economic Development
PRESENTER: Ben Pratt, Economic Development Director
FISCAL SUMMARY:
Cost as Recommended: $_50,000___(2021 expense)
Balance Available: $_100,000__
Budget Line Item Number: 100-22-910-560100 / 100-22-910-575000
New Appropriation Required: No
STAFF RECOMMENDATION:
Recommendation
Approve the resolution to enter into a reimbursement and service agreement with Latitude Co-working Space at 660 Briggs St. in the amount of $50K.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
Tony Gambee, the founder and owner of Latitude Software and Woodward Barber (two Downtown Erie businesses), is planning to open a co-working space at 660 Briggs St. He has requested financial assistance from the Town to support building renovations necessary to convert his existing offices to a functional CoWorking Space (see proposal attached). In return, Tony has agreed to open and operate the co-working space and allow desk space for up to fifteen Town employees.
The agreement requires Latitude to complete the construction and secure a certificate of occupancy by September 1, 2021. In addition to the $50,000 assistance in 2021 to establish the coworking space, the agreement provides for the Town to make two additional payments of $15,000 each, in 2022 and 2023. These payments are subject to annual appropriation under TABOR. In return, Latitude would continue to provide the Town with 15 Flex Pass memberships enabling Town employees to use the coworking space in 2022 and 2023.
Fiscal Impact:
Reimbursement: $50,000
Services:
Flex Space Agreement Year 1 (January 1, 2022-December 31st 2022): $15,000
Flex Space Agreement Year 2 (January 1, 2023-December 31st 2023): $15,000
Board Prior...
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