DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Amendment to the Grant Agreement with the San Antonio Economic Development Corporation for the InCube Labs, LLC. Project.
SUMMARY:
This Ordinance approves an Amendment to the Chapter 380 Economic Development Program Grant Agreement executed on August 4, 2010, with the San Antonio Economic Development Corporation (SAEDC) in support of InCube Labs, LLC establishing a life-science business incubator in San Antonio. This action also authorizes the SAEDC to amend its Economic Development Agreement (EDA) with InCube Labs for the purposes of executing this economic development project supporting the targeted Healthcare and Biosciences industries. The City and its community partners provided $10 million in grant funding through the SAEDC for this project over five years. The SAEDC is requesting no additional grant funding for this Amendment.
BACKGROUND INFORMATION:
In December 2009, the City led a community effort to attract InCube Labs, LLC ("InCube") to San Antonio. InCube was founded in 1995 by Mir Imran, a prolific healthcare entrepreneur, inventor and builder of life-science companies. The mission of InCube, with operations in San Jose, CA and San Antonio, is to create therapeutic innovations that radically improve patient outcomes. Mir Imran, Chairman and CEO of InCube, holds over 200 patents and has founded 23 life-science companies since the late 1970s with 14 being acquired, including four successful acquisitions in the past two years.
Since initiating life science incubator operations in San Antonio, InCube has relocated/created 5 startup companies, invested over $25 million, created and added numerous patents toward product development for its San Antonio companies, collaborated with local universities on commercialization opportunities and mentored several local entrepreneurs. As a result, InCub...
Click here for full text