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					                                Florida Atlantic Research & Development Authority
                                            Board of Directors Meeting
                                                   April 13, 2010

Members:
M.J. Mike Arts
Michael Daszkal, Chair
Lonnie Maier
Dr. Mike Moriarty
Dr. Bob Parks
Robert Swindell, Absent
Roxanna Trinka

Staff:
Scott Ellington, Ex ecutive Director
Jeffrey Siniawsky, Attorney , via Telephone

Also Present:
Jane Teague – Enterprise Development Corp, Dana Chase – HDG Mansur, Janet Sherr - Boca Raton Airport Authority,
Anthony Fisher - Hold Thyssen, Albert Livingston – HDG Mansur, Dyana Kenney – Flagler Real Estate, Kristy Hartofilis –
Flagler Real Estate.

The meeting was called to order at 8:02am.

Minutes Approval:
Motion to approve the 2/26/2010 minutes. Motion by Ms. Maier, seconded by Mr. Arts, all in favor, Approved.

Chair’s Report:
Mr. Daszkal informed the board that he has nothing to report at this meeting.

Financial St atus:
Mr. Daszkal said that he spoke with Mr. Swindell who has reviewed the financial statements and said we are on track. Mr.
Daszkal added that he also reviewed the financial statements and that the accounts are all balanced and all of the
expenses and revenues are within the budget, and bank accounts are reconciled. Mr. Daszkal approves the treasurer’s
report this month.

Mr. Arts asked if FARDA is still keeping money excess revenue in the State Fund. Mr. Ellington said that they are and
explained that both the state account with approximately $90K and the bank CD with approximately $104K are available
if needed. Not anticipated under any current case.

President’s Report:
Update on the Technology Business Incubator Occupancy:
Mr. Ellington informed the group that the Incubator has been running at a low occupancy and asked Mrs. Teague to
speak to the board regarding the issue and how EDC and FARDA are working to increase occupancy. Mrs. Teague
explained that EDC has been increasing the Incubators visibility by speaking at local events and getting the word out; also
EDC is planning to do an open-house within the next month or two to bring in “next-generation” developers to the
Incubator. Mrs. Teague also informed them that they filled 2 offices last week, and will have another office leased on the
   th
15 of this month and lastly; one of the existing incubator tenants is taking on an additional 2 offices. Mrs. Teague added
that things are moving in the right direction.

Mr. Ellington asked Mrs. Teague what she’s seeing with start-ups outside of the incubator. Mrs. Teague said that ther e is
a lot of activity happening with start-ups. However, they are having difficulty getting the funding to afford the next steps
in moving their business along. Mrs. Teague added that the activity is apparent by the responses Kimberly Gramm is
receiving for this year’s Business Plan Competition. Mr. Ellington said that he will forward the group details on this year’s
Business Competition after the meeting.




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Developer/Broker Report:

Introduction of Albert Livingston, HDG Mansur:
Mr. Ellington introduced Mr. Albert Livingston of HDG Mansur to the board. Mr. Livingston thanked everyone for their
warm welcomes and went on to explain his two main goals for the Research Park. One is to increase the occupancy
within the Research Park, and the other is to increase the relationships between the tenants and FAU. Mr. Livingston
informed the group that Jay Whelchel is no longer with the leasing team and that Kristy Hartofilis and Dyana Kenney are
the two leasing agents for the Research Park from Flagler. Additionally, Mr. Livingston said that the most recent figures
for the Research Park occupancy rate are improving. Mr. Ellington thanked Mr. Livingston for all of his support with the
Airport Authority transition which has affected multiple tenants. Mr. Ellington added that the entire process went
smooth and the final lease should be ready and executed by the end of this week.

Attorney’s Report:
Resolution 10-03:
RESOL UTION OF THE BOARD OF THE FLORIDA ATLANTIC RESEARCH AN D DEVELOPMENT AUTHORITY APPROVING A
MODIFICATION TO THE LEASE BETWEEN BOCA R&D PROJECT 7 , LLC, AS LANDLORD, AND FLORIDA ATLANTIC
RESEARCH AND DEVELOPMEN T AUTHORITY AS TENANT FOR THE INNOVATION CENTER LOCATED AT 3701 FAU
BOULEVARD, BOCA RATON, FLORIDA; PROVIDING FOR AN EFFECTIV E DATE.

Council Siniawsky informed the board that this resolution will not become effective until the Airport Authority and Florida
Atlantic R & D Authority sub-lease is signed and agreed upon.

Motion to approve Resolution 10-03: Motion by Ms. Trinka, seconded by Ms. Maier, Approved by roll call vote, 6-0.

Resolution 10-04:
RESOL UTION OF THE BOARD OF THE FLORIDA ATLANTIC RESEARCH AN D DEVELOPMENT AUTHORITY
APPROVIN G A SUBLEASE AGREEMEN T BETWEEN THE FLORIDA ATLANTIC RESEARCH AND DEVELOPMEN T
AUTHORITY AS LANDLORD AN D THE BOCA RATON AIRPORT AUTHORITY AS TENAN T; PROVIDIN G FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.

Council Siniawsky informed the board that this resolution will not become effective until the Airport Authority and Florida
Atlantic R & D Authority sub-lease is signed and agreed upon.

Motion to approve Resolution 10-04: Motion by Mr. Arts, seconded by Ms. Trinka. Approved by roll call vote, 6-0

TRAC Report and Vote:
There is no track report for this meeting.

Old Business:
Mr. Arts asked if there was any new development with the CRA in Delray Beach. Mr. Ellington said not as of yet. Ther e is
still some back-and-forth on the purpose/vision for the location. Mr. Ellington will keep the board posted as new
information becomes available.

New Business:
Mr. Siniawsky explained that he works for the Authority each month through the r etainer which includes about 7 to 8
hours of his time. This retainer is usually sufficient for the monthly needs of the Authority however, due to the lease for
the Airport Authority, FARDA has exceeded the 8 hour r etainer and if approved, FARDA will be billed for an additional 17
hours between the month of March and April. Approved by voice vote.

Mr. Siniawsky informed the group that he has been in contact with a biodiesel /alternative fuels production company who
may be interested in moving into the Research Park in Deerfield Beach. This is a client of Mr. Siniawsky however; he
stated that if and when they proceed to leasing of the space and tenant approval by the Authority, he will not represent
them. Nothing regarding this issue has moved forward at this time. The Deerfield Beach City Attorney and Land Use
Planners are reviewing the suitability and safety of the company’s fuel holding devices on the land within the park, which
is currently still controlled by the City.

The meeting was adjourned at 9:00 AM




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