HomeMy WebLinkAboutReport - Read Before Packet - 1/8/2013Agenda Item #3: Rocky Mountain Innosphere
Update
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Innosphere Update — City Council Work Session
.I. inusry 2[.13
Our Evolution — Staff
•2012 &
011-12 Beyond
Innosphere
006-11
RMII �.
MarkFOesg� "I
Kelly Peters
Nicole Franklin
•d(ethy Kregei
1/8/2013
1
FCTI RMII
Innosphere 2012+
• Advising • Advising
• Advising • Capital
• SAGE
• SAGE Access
• FastTrac
• FastTrac • Scale
• AIR &EIR Capacity
• Intake
Process
• Regional
Impact
To enable and accelerate the
success of high growth, high
impact, innovation -based startup
companies and to promote the
development of an entrepreneurial
culture and infrastructure _d
Agenda Item #3: Rocky Mountain Innosphere
Update
2011 Impact
30
$4.5 mil
73.5
99
$55,000
5
$36.1 mil
$9.4 mil
client companies served
revenues of current client companies
part-time employees of companies
full-time employees of companies
average annual salary of company employees
companies that have completed a Series A round
capital raised to date by current client companies
capital raised in 2011
Industry Portfolio
• Clean Tech
Bio5cience
Tech Software
• Tech Hardware
c Other
1/8/2013
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Agenda Item #3: Rocky Mountain Innosphere
Update
Organization Chart
2012 Accomplishments
14 new client companies
Expanded programs
Fundraising
roan jr
• Access to capital
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1/8/2013
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Agenda Item #3: Rocky Mountain Innosphere
Update
2009 2010
MIl $5.33 Million �.
Loan Loan CrJ
LJ
Contribution
'New Market Tax Creditned to l verag Financing Proprivate
for -
profit Federal program designed to leverage private for -
profit contributions to achieve economic
development objectives. $7.3 Million
U°wOI Construction
Fort Collins
'_'�, f� Loan
2017: Refinance 2017-2029: No Refinance
OPTION 1
URA uses a
Portion of TIF
Revenue from the
Project to repay loan
One Time
Payment
in 2017 to URA
i
Principle & Interest
Paid in full by 2029
Comments:
• Preferred Scenario
• Accelerated City principal repayment
• Reduced long-term cost to RMI
OPTION 2
Interest Only Payments
Continue to 2029;
Principal Paid in 2029
Principle & Interest
Paid in full by 2029
Comments:
• No Impact to City Loan
• Delays URA principal repayment
• Delays usability of TIF; 2029
• Increased cost to RMI
City f
__Foet Collins
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1/8/2013