City Votes to Support Rocky Mountain Innovation Initiative’s New Building

City Votes to Support Rocky Mountain Innovation Initiative’s New Building
City of Fort Collins
Published: May 13th, 2009

On May 12th the Fort Collins City Council, also acting as the Urban
Renewal Authority Board, voted unanimously to financially support the
construction of a building that will house promising entrepreneurial
startup businesses. Rocky Mountain Innovation Initiative (RMII) will
begin construction of the new building in the fall 2009. The building is
to be located on Vine Drive east of College Avenue and will be 31,000
square feet, four stories, and be built to U.S. Green Building Council
LEED Gold specifications. The building will include subsidized office
space for clean energy, bioscience and technology startup businesses,
conference room space, central reception area, bioscience laboratory
space, and administrative offices for RMII.

Currently, RMII leases 10,000 square feet of temporary office space
from the City.  There are numerous companies waiting to be admitted into
the incubator, but due to office space constraints, are unable to reach
their fullest potential. Dozens of supporters spoke in support of the
proposal including RMII advisors, entrepreneurs, job seekers, the North
College Business Association, Northern Colorado Economic Development
Corporation, the Chamber of Commerce, and many others with connections
to the entrepreneurial culture in Fort Collins.

Development of a physical space for promising innovation-based
companies is a catalyst for economic development in the area. In the
last two years, RMII has assisted 13 new companies, with nearly 60 full
time employees in its incubation program and more than 50 other
companies through its industry cluster initiatives and other programs.
“This is a huge milestone for our many innovative entrepreneurs in the
region”, said RMII CEO Mark Forsyth. “We also intend to make this a
big win for the community by helping jumpstart the economy and spur
redevelopment of the North College area.”

“The support for RMII shown by the community, Council, and URA board
tonight illustrates the commitment the City has made to economic health
and home grown primary employment, “ stated Josh Birks, the Economic
Advisor for the City of Fort Collins. Moving forward with a new
dedicated facility for the support of entrepreneurs contributes to the
overall economic strategy City Council put in place three years ago. The
City’s Economic Action Plan includes efforts to diversify the economy,
build partnerships, support expansion and retention of businesses, and
be proactive on economic issues.

To read the City Council Agenda Item, including the presentation by
staff and financial details of the agreement go to
http://citydocs.fcgov.com/?cmd=show_related&vid=72&dt=SUMMARY+AGENDA&rid=May-12-2009
.
The approval to support the building was made on First Reading. A Second
Reading of the item and final vote will take place Tuesday, June 2, 6:00
p.m. at City Hall, 300 LaPorte Avenue.

The Rocky Mountain Innovation Initiative, RMII, is a regional
non-profit formed to accelerate the success of high impact scientific
and technology start-up companies in Northern Colorado. The Initiative
was formed by an alliance of Northern Colorado municipal governments,
academic institutions and economic development organizations. Learn more
about RMII at www.rmi2.org.