Agenda 05/13/2014 Item # 11A 5/13/2014 11 .A.
EXECUTIVE SUMMARY
Recommendation to approve the proposed Collier County Innovation Accelerators Business Plan
and authorize the County Manager to execute the Plan.
OBJECTIVE: To obtain Board approval of the proposed Collier County Innovation
Accelerators Business Plan included in the backup materials in this executive summary.
CONSIDERATIONS: On September 10, 2013, (agenda item 11.C.), the Board approved the
Office of Business and Economic Development's FY 2014 Business Plan. One of the work
program objectives identified in the plan articulated the need to evaluate the potential for
developing a local business incubator/accelerator as a tool to foster growth and development of
emerging businesses in our community. Business accelerators are seen as having a positive
economic impact on the community through the creation of jobs and the recruitment and
mentoring of innovation companies. They will help to bring high value employment
opportunities for citizens, attract new foreign direct investment, improve export opportunities for
Florida companies, extend and expand the brand recognition the region currently enjoys, build
new future opportunities for our young citizens who seek to stay in the region and build their
own businesses, and create a synergy with the region's educational institutions. This project will
be the first of its kind in the Southwest Florida region and will include community partners such
as Florida Gulf Coast University, the Chamber of Commerce,venture capitalists and local
business leaders.
In pursuit of this objective,the County's state lobbyist firm, Fowler, White, &Boggs, was
commissioned to provide a feasibility analysis and in turn subcontracted with Dr. Marshall
Goodman on behalf of the County to assess the feasibility of creating a business incubator in
Collier County. On December 10, 2013, (agenda item 10.C.) Dr. Goodman presented his Collier
County Business Accelerator Feasibility Report to the County Commission. The Board voted
unanimously to accept the report and further authorized staff to work with Dr. Goodman to
develop a detailed Business Plan for the development of the business accelerators, as well as
assist with efforts to secure an appropriation from the State Legislature to help advance the
project.
The proposed Innovation Accelerators Business Plan calls for the development of two business
accelerators with distinctively different missions. One to be located in the western area of the
county will focus on becoming one of 13 certified soft-landing Accelerators in the U.S. and will
focus on recruiting companies primarily in the smart health, information technology and other
knowledge-based industries. The second accelerator will be targeted towards the eastern part of
the County centered around the community of Immokalee and will focus on culinary innovation
and emerging food technologies within the agribusiness sector.
The proposed business plan contains a 10 year projected pro-forma that outlines revenue and
costs analyses for the project. The pro-forma has been developed with the assumption that after
a two year phased start-up and infrastructure building period,the Collier Accelerators will be
largely self sustaining. A key revenue assumption in the start-up phase of the project is the
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receipt of a$2.5 million budget appropriation from the State of Florida to provide seed capital
for initial expenses such as leasehold improvements, equipment, initial lease payments and staff
support. On May 2,2014,the Florida Legislature passed the 2014 State Budget that contains
$2.5 million for this venture. The budget is awaiting signature by the Governor. This State
funding must be matched with local investments by the public and private/not for profit sectors.
Specifically the business plan calls for an initial investment by the Board of County
Commissioners of$250,000 a year in FY 2014 and FY 2015, and a sustaining pledge based on
performance of$100,000 per year through 2023. Matching contributions from the private and/or
non-profit sectors in the same amounts and duration will also be required. Contributions may
include cash and in-kind contributions, such as subsidized space, equipment, supplies, and
professional services. Fund-raising has informally commenced with very good progress towards
achieving that goal. This approach insures that County investment along with private sector
match will be effectively leveraged with state economic development funds, with future federal
and private philanthropic grant opportunities aggressively pursued.
The proposed Business Plan further recommends that CareerSource Southwest Florida(also
known as the Southwest Florida Workforce Development Board)be contracted to serve as the
administrative agent of the Accelerator project per county guidelines. This organization brings
many advantages to this project from their expertise in employment and training,to the
management of multiple facilities spread across the five county southwest Florida region, to their
501(c)(3) status that allows them to accept private sector contributions. CareerSource would
have the responsibility to oversee and manage the facilities and administrative support functions
associated with the Innovation Accelerators. The County Commission would serve as the policy
board and fiscal agent for the project.
The proposed Business Plan also recommends that the Commission appoint an Accelerator
Advisory Committee composed of approximately 11 public and private representatives to
provide guidance, support, and expertise to the Accelerator project and provide a semi-annual
report to the County Commission regarding Accelerator performance.
FISCAL IMPACT: Funding in an amount not to exceed $250,000 in FY 2014 is budgeted in a
dedicated economic development fund (007) for this project. Source of funding is the County's
annual share of gaming receipts derived from the State's Gaming Compact with the Seminole
Indian Tribe. The current fund balance before this proposed expenditure is $1,022,267.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires
majority vote for approval. -JAK
GROWTH MANAGEMENT IMPACT: The recommended action supports the goals and
objectives of the Economic Element of the adopted Collier County Growth Management Plan.
RECOMMENDATION: That the Board of County Commissioners:
1. Approve the proposed Collier County Innovation Accelerators Business Plan
2. Authorize the County Manager to spend up to $250,000 in FY 2014 to begin operations
as outlined in the Plan.
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3. Authorize the County Manager to develop a contract proposal with CareerSource
Southwest Florida for Board consideration to serve as the administrative agent for the
accelerator project.
4. Authorize the County Manager to bring back recommendations for appointments to the
Business Accelerator Advisory Committee composed of 11 public and private sector
representatives to provide guidance, support, and expertise to the Accelerator project, per
County guidelines.
5. Approve necessary budget amendments.
Prepared by: Bruce Register, Director, Office of Business & Economic Development
Attachments: A Business Plan for Collier County Innovation Accelerators
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COLLIER COUNTY
Board of County Commissioners
Item Number: 11.11.A.
Item Summary: Recommendation to approve the proposed Collier County Innovation
Accelerators Business Plan and authorize the County Manager to execute the Plan. (Bruce
Register, Office of Business and Economic Development Director)
Meeting Date: 5/13/2014
Prepared By
Name: BrockMaryJo
Title: Executive Secretary to County Manager, County Managers Office
5/7/2014 8:55:40 AM
Submitted by
Title: Executive Secretary to County Manager, County Managers Office
Name: BrockMaryJo
5/7/2014 8:55:41 AM
Approved By
Name: OchsLeo
Title: County Manager, County Managers Office
Date: 5/7/2014 3:29:24 PM
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A Business Plan for Collier County
innovation Accelerators
Prepared by:
Marshall R. Goodman, Ph.D
W3 Consultants
March 31, 2014
Collier County Accelerator Business Plan 1
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A Business Plan for Collier County
innovation Accelerators
Introduction
Collier County has a unique opportunity to develop in partnership with
the private sector and the state of Florida, two focused and distinctive
business accelerators targeted at entrepreneurs looking to expand their
high growth companies through the development of new markets, new
joint venture partners, investment resources, and synergistic spaces
that allow them to efficiently and cost effectively grow their companies.
In a previous "Accelerator Feasibility White Paper" prepared for Collier
County, and in a study conducted by the Regional Economic Research
Institute at Florida Gulf Coast University, it was found that more than
sufficient demand exists for the establishment of incubators/
accelerators, and that they would bring forth a number of positives such
as a stronger competitive region, increased access to expertise,
resources, entrepreneurial education, greater foreign direct investment,
increased attractiveness to venture capital, and the expansion of
economic development efforts.
Indeed, Collier County is very well suited to emerge as an established
state staging portal for attracting entrepreneurs and international
business development, as evidenced by the strong relationships the
region has been building over the past year with the French government
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and French innovation firms interested in business development in
Florida.
In addition, Collier County offers a strong overall environment in terms
of resources, expertise, and a high quality trained workforce for the
establishment of the Accelerators:
* Naples is currently ranked as the third wealthiest city in the U.S., and
has emerged as one of the primary wealth management centers in
North America.
* The greater Naples community has a very high concentration of
investment, legal, and international finance professionals.
* Naples is home to the state of Florida's only Angel Investment Fund
(Tamiami)which has demonstrated great success.
* Collier County is home to the highest concentration of current and
former Fortune 500 executives in the nation - one of whom is currently
serving as Governor of the state.
* Collier County is home to key industries such as hospital health care
management, medical manufacturing, informational technology and
enterprise software, and major agribusiness commercial operations.
* Collier County and SW Florida have established themselves as a
premier tourist, restaurant and entertainment destination, with a
thriving hospitality marketplace.
* The region is exceptionally well served with distinguished accredited
institutions of Higher Education with multiple campuses, tens of
thousands of enrolled students, professional and graduate degree
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programs, and specialized medical and healthcare programs such as
University of Miami's Bascom Palmer Eye Institute, and the University
of Florida NCEF Pediatric Dental Center.
* Collier County also enjoys being a leader in the agribusiness research
field and is home to the the University of Florida's Southwest Florida
Research and Education Center, as well as a branch of their Institute
of Food and Agricultural Sciences.
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Goals and First Steps: Creating an Innovation EcoSystem
In a succession of milestone decisions in 2013, the Collier County
Commission passed by unanimous vote a series of new powerful and
innovative economic development initiatives and strategies that would
enable the county to launch a number of economic programs. Theses
efforts are all aimed at greatly enhancing the employment opportunities
and careers for Collier citizens. A recent Commission decision to
support the conclusions of the "Collier County Accelerator Feasibility
White Paper", led the County to endorsed three recommendations: (1) to
aggressively pursue a wide variety of sources of funding to build the
long-term innovative infrastructure necessary to support start-up and
soft-landing companies in the county and region; (2) work to develop a
plan that would provide initial funding to begin operations; and (3)
strategically pursue international linkage opportunities and partnerships
in identified focal sector where Collier County has a clear and
substantive comparative advantage.
Following from the White Paper analysis, this business plan was
commissioned to articulate a plan for the development of two
distinctively different business accelerators in the County. One
Accelerator to be located in Naples Florida, so that it could close to the
heart of the business district. This Accelerator would be highly unique
in that is would seek to be designated by the National Business
incubator Association as one of only 13 certified soft-landing
Accelerators in the nation. This would require having a core mission
that focused on the delivery of services to international companies
seeking to enter the Florida and U.S. marketplace. Additionally, this
Accelerator would seek to develop core competencies in key industry
verticals where Collier County already has strength in terms of numbers
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of companies, entrepreneurs, and expertise. Two such areas would be
in health technology and tourism and hospitality.
The second accelerator would be targeted towards the eastern part of
the County centered around the city of lmmokalee, and built upon the
world-class agribusiness that surrounds that area. This Accelerator
would focus on culinary innovation and emerging food technologies
within the agribusiness sector, devoted to the development of
innovative and new food and beverage products, packaging and
delivery.
Having a positive economic impact on the communities being served is
the primary goal of both Accelerators. Economic development and the
creation of jobs must be their core mission through the recruitment and
mentoring of innovation companies. In the end, the mission should be
to create an innovation ecosystem for high growth companies so that
they can develop relationships, partnerships, find venture capital, and
take root in Collier County and Florida.
The Accelerators would have a number of exceptionally positive
outcomes and impacts on the local economy and the region in general
including:
* recruiting companies into Florida that create high value employment
opportunities for its citizens
* attracting foreign direct investment
* improving export opportunities for Florida companies
* extending and expanding the superb brand recognition the region
currently enjoys
* building new futures for young citizens who desire to stay in the
region and build their own business
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* creating a synergy with the region's educational institutions, and
serving as an important feeder into Florida Gulf Coast University's
Innovation-Hub Research Park
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Getting Started - First Steps
Important first steps for the Accelerators would be to establish the
following:
1 . Strategic Plan
A strategic plan that contains quantifiable objectives to achieve the
program mission and measures the projected impacts and outcomes
that include the following:
A. A mission for each accelerator that defines the accelerators role
in the community and that contains quantifiable objectives to
achieve the program mission.
B. Recruitment of Accelerator staff capable of achieving the mission
of the accelerator and expertise in helping companies grow, with
specific knowledge in soft-landing specialty services.
C. Build an effective board of directors committed to the
accelerators mission and to maximizing management's role in
developing successful companies.
D. Prioritize management time to place the greatest emphasis on
client assistance, including proactive advising and guidance that
results in company success and wealth creation.
E. Develop accelerator facility, resources, methods and tools that
contribute to the effective delivery of business assistance to
client firms and that address the developmental needs of each
company.
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F. Seek to integrate the accelerator program and activities into the
fabric of the community and its broader economic development
goals and strategies.
G. Develop stakeholder support, including a resource network, that
helps the accelerators program's client companies and supports
the incubator's mission and operations.
H. Maintain a management information system and collect
statistics and other information necessary for ongoing program
evaluation, thus improving the Accelerators effectiveness and
allowing it to evolve with the needs of the clients.
2. Governance
It is recommended that Collier County serve as the fiscal agent for the
Accelerator project. All state, federal, and grant funds received for this
project should be received by the Collier Board of County Commission
and processed by the County Clerk's office. It is further recommended
that a contract be negotiated for execution with CareerSource
Southwest Florida to serve as the administrative agent for this project,
with a proposed administrative fee not to exceed 5% of the proposed
annual budget for the project.
CareerSource Southwest Florida brings many advantages to this project
from their expertise in employment and training, to the management of
multiple facilities spread throughout the five county Southwest Florida
area, to their 501 (c)(3) status that allows them to accept private sector
contributions. As administrative agent, CareerSource would have the
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responsibility to oversee and manage the day to day operations of the
Accelerators, including but not limited to: the hiring and oversight of the
Accelerator management and staff and all associated human resource
functions, management of leases and related real estate issues, as well
as oversight for all leasehold improvements and installations, the
purchase of equipment and supplies, and the disbursement of
resources and collection of rents and fees for service.
It is recommended that the County Commission appoints an Ad Hoc
Accelerator Advisory Committee composed of public and private
representative to provide guidance, support, and expertise to the
Accelerator project, and provide a semi-annual report to the
Commission regarding Accelerator performance. It is recommended
that 6 representatives of the public sector and 5 from the private sector
and or non-profit sector make up this 11 person Committee.
Suggested public sector representatives may include:
County Commission Economic Development Chair
Director of CareerSource Southwest Florida or designee
University System Representative
Collier County Public School System Representative
Municipal Representative
Regional Business Alliance Representative
Suggested citizen representatives should include:
An individual from the banking venture capital industry
An individual from the development community
An attorney familiar with international business law and/or trade
A business representative from the greater Naples area
A business representative from the lmmokalee area
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3. Services & Locational Needs of the Accelerators
A. Naples Soft-landing Accelerator
The Naples Accelerator should be built on one core philosophy: to
provide an innovation ecosystem of professional support that helps
businesses surpass their goals by providing a "soft-landing" of
coordinated services and referrals.
As noted previously, there are presently only 13 certified designated
soft-landing accelerators in the nation, none of which are in Florida, so
the Naples Accelerator can play not only a major role for the County, but
for the State of Florida as well, serving as a "port of entry" for
companies that can be later referred to the portion of the state that best
suites their particular business model and needs. To achieve soft-
landing certification by the National Business Incubator Association -
which can be a two-year process with documented proof of provision of
soft-landing expertise and services - it is imperative that the Accelerator
has a well trained and experienced staff that maintains a global outlook
and offers a wide-range of resources to its clientele.
Services that may be provided would include, enterprise and business
plan evaluation and diagnosis, commercialization feasibility studies,
market channel analysis, pricing policies, integration of supply chains,
cost analysis, and other business services that a global high growth
clientele will need.
As an accelerator geared towards high growth companies, the
accelerator needs to be within a synergistic location, with premium
information technology support services provided through a network of
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vendors that ensures that companies information technology needs are
met. Rents need to reflect a full service model, that provides companies
access not simply to space in which to operate, but to a range of
services that makes it is easy for them to quickly and efficiently set-up
operations and build their businesses. Rental agreements should range
from 3 month contracts to a maximum of two years. No companies
should be allowed to be incubated beyond the 2 year period without
approval of the Accelerator Board, since the overall goal is for
companies to use the Accelerator as a place to take root, not to become
rooted, so that space can be freed up for the next company that needs
support.
A-1 : Basic services to be provided should include:
* Core office and standard office equipment, including furnishing.
* A common reception area and message forwarding system.
* A common conference room with state of the art conferencing
capability that is at a Cisco telepresence level with robot or mobility
capability.
* A shared kitchen and full service break area with stocked
refreshments and snacks, so as to invite 24/7 usage.
* Professional support staff, including in-house web developer
informational technology professional, and a soft-landing expert.
Given the focus on high growth companies, world-class technology in
the Accelerator is not just a desire, it needs to be a must have. The
following type of informational technology services need to be
supported:
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* Access to cloud services.
* Access to a data center network.
* Access to 3-D Printing
* Business continuity and disaster recovery
* Access to 24/7 Information Technology Help Desk
* Access to an Ecommerce website, shopping cart, and hosting
services included as part of an Accelerator service bundle
Perhaps most importantly, given its soft-landing designation the
Accelerator needs to be able to provide either directly or indirectly
(through referral at additional cost to the company) a host of soft-
landing services including the following:
* Translation services
* Language training
* Domestic market research and entry assistance
* Introductions to financial capital and potential funders
* Intellectual property protection assistance
* Government regulation information and assistance
* Import/Export laws and regulation assistance
* Patent legal assistance
* Facilitation is obtaining business and driver's licenses
* Cultural training
* Immigration and visa assistance
* Housing assistance
* Assistance with employment by assisting with the placement of
trailing spouses or partners
* Assistance with school selection and enrollment schedules
A-2: Suggested Locational Needs for Naples Soft-Landing Accelerator
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The suggested location and space needs for the Naples Soft-landing
Accelerator include the following:
1 . The location should have excellent access via major roadways and
be close to the major business hubs within the region.
2. The location should have a "high tech" modern feel that will attract
companies and have an overall "Silicon Valley" campus feel.
3. The location should be close to amenities such as restaurants,
hotels, apartments, and shopping centers.
4. The location should have excellent access to high speed internet and
cable networks.
5. The location and space must meet all ADA requirements.
6. The location must have an excellent security system and plan
installed.
7. The space should be at least 3000 square feet expandable to 6000
square feet as demand requires.
8. The building and space must be accessible 24/7 to users.
9. The space should be in move-in ready condition, so that the
Accelerator can get started as quickly as possible once funding has
been approved and a staff hired. It is recommended that during any
interim period, that the Accelerator staff be allowed to use space within
the County's Economic Development offices.
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10. The space should be prewired for high speed data connections
among a wide variety of users, and data closets.
11 . The space should have from 6-8 hard wall offices, space for kiosks
that have the capability of accommodating multiple users, a conference
room suitable for high tech presentations and a small reception area.
12. The space should meet a price-point for at least the first 2 years of
operation of no more than $10.00 per square foot.
13. The building or location should be able to provide additional
attractive amenities such as recreation facilities.
B-1 : Immokalee Culinary Accelerator Services & Locational Needs
The Immokalee Accelerator needs to provide production and assembly
space for culinary related businesses and provide shared office space
in an FDA approved and state licensed facility. The Accelerator space
should consist of a commercial kitchen with state-of-the art equipment
divided into different work stations with adjoining flexible office space
that allows for shared and co-working environments. The goal of the
culinary kitchen is to meet the needs of:
* Start-up food businesses in need of a licensed first facility
* Home-based businesses that wish to legalize and grow their operation
* Established businesses needing specialized kitchen equipment
* Established businesses looking to grow or reach a new market
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* Food-Preneurs looking to experiment with new food products
processes and test items
* Food-Preneurs looking for a synergistic gathering place to meet other
like minded individuals
The Culinary Kitchen would utilize a large shared-use processing area
that enables a wide range of food products to be produced such as
vegetables, fruits, jams, jellies, soups, sauces, beverages, pies, cakes,
breads, seasoning blends, entrees side dishes, and candies. The
shared use area should be divided into 5 areas:
The "cold-process" area which would be designated for the preparation
and processing of produce in its raw state. Typical activities in this area
would include post harvest preparation, cleaning, peeling, size
reduction, and packaging all in a temperature controlled environment.
The "hot process" area that would provide a range of process
capabilities including blanching, steaming, cooking, roasting, and
baking.
The "dry process" area that would be devoted to equipment used for
producing items such as fruit pies, breads, cookies and other baked
goods, as well as seasoning blends, dehydrated fruits, vegetables, and
herbs.
A "cold assembly" area that would allow for limited packaging of
refrigerated, frozen or ambient products, with sealing, labeling and
shank wrapping equipment.
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A "Kosher" section that would be certified for certain types of food
preparation that meet strict dietary requirements. Florida has the third
largest Jewish population in the nation, with the vast majority of that
population living within a radius of 125 miles of the Immokalee facility,
yet there are a very limited number of facilities catering to this
populations culinary needs. As a result, this could become an important
niche market for Accelerator producers.
B-2: Locational Needs of Immokalee Culinary Accelerator
1 . A warehouse style facility suitable and adaptable for the
development of a culinary kitchen and capable of housing large pieces
of equipment in at least 5,000 sq. ft expandable over-time to 8,000 sq.
feet. A minimum of 1 ,000 sq. ft. should be shared office space. It is
estimated that a warehouse space that meets basic requirements on
power, sewer, and HVAC systems, would require an investment of
$1 ,300,000 to make necessary improvements, purchase and install
equipment, and receive licensing approvals.
2. A facility in close proximity to major roadways, airports and
convenient access to urban areas, that is strategically situated to serve
businesses throughout the SW Florida region.
3. A loading dock or level access doors and the ability for small and
medium vans and trucks to enter and exit the facility with ease.
4. A facility that has excellent security.
5. A facility where state-of-the-art fire safety equipment and systems
can easily be installed.
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6. A facility that is ADA accessible.
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Accelerator Revenue and Cost Analysis
In Attachment A is a 10 year Pro Forma that articulates a revenue and
cost analysis for the Accelerator Project. Typically business
accelerators require start-up funds and time - time to recruit member
companies, develop services, and establish critical feeder linkages
and relationships. This period can typically take anywhere from 18-24
months before incubators/accelerators achieve a form of
sustainability, although most incubators/accelerators even after this
period require some form of public and private support. Indeed,
more than 90% of the nation's current incubators according to the
National Business Incubator Association receive some form of
ongoing local government/community financial support.
The Accelerator Project Pro Forma has been developed with the
assumption that after a two year phased start-up and infrastructure
building period, the Collier Accelerator's must be largely self-
sustaining, with positive cash flow, and positive end of the year fund
balances. These balances can serve both as reserves and for future
matching funds for additional public and private grant programs that
likely will present themselves in the future.
The Pro Forma has been built based on the following assumptions:
1 . That Collier County would make an initial investment of $250,000
a year in Fiscal Year 2014 and Fiscal Year 2015, and a sustaining
pledge based on performance of$100,000 per year for FY
2016-2023, with the understanding that the current Commission
cannot authorize funds beyond the current fiscal year.
2. That Collier County and regional SW Florida private and non-
profit sectors would be asked to match the County's contribution
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of $250,000 in cash or in-kind contribution for the first two years,
$150,000 in FY 2016, and a sustaining contribution of$100,000
per year for FY 2016-FY 2023.
3. There is a clear expectation that the Accelerator staff would
participate and help to lead fund-raising efforts and write and
annually submit competitive grant applications for additional
financial resources and support. Over a ten year period it is
expected that fund-raising through grants, sponsorships, and
endorsements would contribute $1 ,600,000 to the operation of
the Accelerators.
4. That the State of Florida would match the contributions of Collier
County and the private and non-profit sectors with a $2.5 million
grant in FY 2014. These funds would be allocated with
$2,000,000 going towards leasehold improvements, equipment,
initial lease payments, and costs associated with meeting all
applicable federal, state and local standards and licenses. The
remaining$500,000 will be used as seed funds for recruiting and
hiring a professional Accelerator staff in the first two years of
operation. Hired staff would need to recognize that after the 2
year period of seed money is utilized that their employment
tenure is dependent on the Accelerators meeting their financial
milestones.
It is expected that of the $2,000,000, the lmmokalee Accelerator
would be allocated $1 ,300,000 for construction and equipment,
and the Naples Accelerator would be allocated $700,000 for
equipment and furnishings.
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5. That the Naples IT Accelerator would seek to begin operation
as soon as June 2014, and therefore would have 6 months of
lease income in FY 2014. It is recommended that the Collier
County Commission and County Manager release 50% of the
requested $250,000 allocation immediately so that a contract
with CareerSource acting as the Administrative unit can be
negotiated and the process of hiring staff, securing a lease, and
marketing the incubator can begin in earnest.
6. It is estimated that the Immokalee Accelerator would require an
estimated 6 months of remodeling and equipment installation
and that it would not be operational until January 2015 at the
earliest, and therefore would contribute no income towards
operations in FY 2014.
7. That the staff for the Accelerator project would be phased in over
a two-year period, and would reach a compliment of 8 full-time
staff members assisted by various part-time and student intern
employees. These individuals would serve both Accelerator
facilities and be available to regional partners. Several staff
would have their permanent offices at one or the other facilities,
and would move freely between both facilities as the work
dictated.
It is recommended that the first hires be the Executive Director,
the Director of Soft-Landing Services, a Web Developer, and a
Information Technology Support Specialist who would primarily be
based out of the Naples Accelerator. Given industry standards
and the competitive nature of several of these positions, it is
expected that these position will be funded with a mixture of
public, private, and income generated dollars.
Collier County Accelerator Business Plan 21
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A second phase of hiring commencing in early FY 2015 would
seek to fill 3 position at the Immokalee Accelerator: Manager
Immokalee Accelerator, Director of Facilities & Compliance, and
Maintenance Specialist. The final hire in FY 2015 will be a Regional
Global Soft Landing expert with strong international experience in
market areas important to the region and the state.
8. All personnel salaries in the pro forma were matched with current
Collier County classification rates of pay, and benefits were
calculated to align themselves with best practice. All salaries in
the pro forma are adjusted for inflation over the 10 year period.
9. All operating costs are based on normal industry standards, and
factor in subcontracting out on a competitive base the cost of
providing 24/7 information technology backup, security, help desk
and maintenance for member companies. All operating costs in
the pro forma are adjusted for inflation over the 10 year period.
10. Rental rates are subject to meeting requirements where the
Naples Accelerator lease costs do not exceed a projected $10 sq.
foot in FY14-15, and in Immokalee do not exceed $2 sq. foot in
FY 15-16.
11 . Member rates for space at the Naples Accelerator are dependent
on the cost of the lease and maintenance. Lease rates include
use of space and all services of the accelerator, except for virtual
members who will only be charged for use of services. It is
expected that a range of membership plans will be proffered
to companies based on their desire for a single office, shared
office kiosk, or shared kiosk. Rates for use of space and
Collier County Accelerator Business Plan 22
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equipment at the Immokalee Accelerator will be based on an
hourly charge of use set annually. Individuals may select among
several pay plans or purchase blocks of time at a reduced rate. It
is recommended that market competitive rates be used which
currently are between $15-$20 per hour dependent on the type of
equipment being utilized. For purposes of this Pro Forma, an
average rate of $10 per hour was used in the calculation.
12. An assumed interest rate on end fund balances was used that
ranged from .5%-2% over the 10 year period and an inflation rate
on all personnel and operating costs ranged from 2%-3% over
the 10 year period.
13. Lease income for the Accelerators increases steadily over the
years as the Accelerators fill-up with clients and attract more
users and take on additional space with corresponding increases
in operating costs. In its fifth year of full operation it is projected
that the Accelerators will apply for and receive a Federal award
of $3,000,000 to move into a permanent Accelerator building as
part of a larger innovation project within the County. The
Accelerator would use $1 ,000,000 from its fund balance as a
match to complete this $4 million project, that greatly increases
the number and variety of companies it can serve.
Analysis
The pro forma revenue and cost analysis shows that with the help of the
seed funding from the County, the State, and the private and non-profit
sectors, that after the second year of operation, the Accelerators will be
generating a net positive cash flow. The Accelerators starts out with a
positive end fund balance (FY14: $767,886) and sustains and increases
Collier County Accelerator Business Plan 23
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these strong levels with the only dip in FY19 ($207,267) due to a
$1 ,000,000 contribution towards the construction of a new facility, but
quickly recoups those strong balances in subsequent years.
Over the 10 year period, personnel costs will average $793,033 per year
with operating costs averaging $458,151 per year for a total of
$1 ,251 ,184 in combined expense. Projected income from leases over
this period averages $953,237, with an additional average of$161 ,500
being generated from fees for services that the Accelerator would earn
from additional services provided to area companies for an average
annual revenue total of$1 ,114,737. This would mean an annual deficit
of $136,447 that would need to be raised, which underscores the
continuing importance of public, private, and non-profit fund-raising to
the Accelerator.
This type of sustained investment by the community offers a superb
Return on Investment (ROI) based on an econometric analysis
performed by the Southwest Florida Regional Planning Council
(SWFRPC) utilizing a standard Regional Economic Analysis Program
known as a REMI analysis. SWFRPC was asked by Collier County's
Business and Economic Development Office to analyze sets of
projected employment, equipment purchases, and construction data
over a 10 year period for both the Naples Soft-Landing Accelerator and
the Immokalee Culinary Incubator. The REMI results are shown in
Appendix Number B and C.
The Culinary Incubator would generate 63 new direct jobs, would create
48 indirect jobs and induced jobs for a total of 174 new jobs in Collier
County. The soft-landing Accelerator would create 149 new direct
jobs, plus an addition 54 indirect and induced jobs for a total of 203 new
jobs. Together, the two Accelerators create 377 total jobs. These jobs
Collier County Accelerator Business Plan 24
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generate a total of $22.97 million in new personal income during this 10
year period.
In addition, the REMI analysis shows that the Culinary Incubator would
generate after a 10 year period $17.7 million to the Gross County
Product (GCP) which is a measure analogous to the national Gross
Domestic Product. The Soft-landing Accelerator would contribute an
additional $18.37 million during this period for a total of $36.07 million
generated in Gross County Product.
Given these REMI numbers one can calculate an ROI based on a total
county investment of$1 ,300,000 over the 10 year period of$27.74 to $1
dollar invested in terms of GCP, and $17.66 to $1 dollar invested in
personal income. As for the state investment of$2,500,000, the
Accelerators ROI in terms of GCP is $14.42 to every $1 dollar of state
investment and is $9.1 for every $1 invested in terms of personal
income. These rates of return on Incubator/Accelerator investments are
highly consistent with national standards.
Marketing and Linkage Plan
A number of strategies should be utilized to market the Accelerator,
locally, state-wide and internationally and link it a number of regional
organizations.
1 . Develop national and international linkages and networks between
incubators and accelerators that create a "conveyer belt" of
prospective companies into the Accelerators.
Work in that regard, has already begun with great success by
connecting the region to the French Innovation Network (RETIS), and
Collier County Accelerator Business Plan 25
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development of a joint marketing and programming with a mirror
region (ex: South of France). Future countries should include
Florida's major trading partners (Canada, United Kingdom, Germany
Brazil) as well as strategic partners of the future such as India and
China.
2. Hire an in-house Web Developer whose responsibilities include
the development of web pages, and the development of a social
media strategy and implementation. Both the Accelerator and its
member companies would be aggressively marketed through these
avenues. Local high school and college interns would also be
employed in this regard.
3. Participate in the national and state organizations dedicated to the
promotion and linking of incubators and accelerators with one
another. Organizations such as the National Business Incubator
Association, the Florida Business Incubation Association, and
Enterprise Florida. In addition, participation in key trade meetings
such as the annual Consumer Electronics Show are wonderful
opportunities to highlight the Accelerators and their member
companies.
4. Management staff of the incubator would be expected to routinely
speak before local and regional groups and organizations, and
become active in state-wide incubator/accelerator associations.
Additionally, some of the best marketing can occur through linking
the Accelerator with other organizations that have similar interests
and goals. The following strategies should be utilized:
Collier County Accelerator Business Plan 26
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1 . Through coordination with the Collier County Economic
Development Office, the Accelerator staff should be in contact
with all of the Economic Development directors and their staff
throughout the region, and semi-annually give a presentation to
these directors regarding progress made and important updates.
2. Designation of educational institutions within the region as a
Strategic Partner. As a strategic partner, higher education
institutions to the degree possible, would assist member
companies with their research questions and needs, link
companies with faculty, staff, and students, support the
promotion and marketing of the accelerator, and participate in
joint grant project opportunities.
3. The Accelerators should work in close contact with organizations
such as the Greater Naples Chamber of Commerce, the
Southwest Regional Planning Council, and the emerging regional
partnership organizations to coordinate their activities and market
their services
Collier County Accelerator Business Plan 27
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Suggested Milestone Timeline
A suggested milestone timeline for the development and start-up of
the two Accelerators is presented below.
5/2014 Collier County Votes on FY2014 Accelerator Business
Plan and Funding Request
6/2014 Collier County Receives Notification of State
Funding
6/2014 Collier County Approves Accelerator Administrative
Contract
6/2014 Administrative Agent Hires Accelerator Executive Director
6/2014 Private and Non-Profit Sector Fund-Raising Campaign
Commenced
7/2014 Collier County Creates Accelerator Advisory Board
Committee and Make Initial Appointments
7/2014 Acquisition of Naples and Immokalee Leased Space
Commenced
8/2014 Lease Contracts For Naples and Immokalee Space
Finalized
8/2014 Naples Accelerator Soft Opening
8/2014 Phase 1 Accelerator Staff Hired
9/2014 Immokalee Engineering Construction Plan Completed
10/2014 Naples Accelerator Grand Opening
12/2014 Phase 2 Accelerator Staff Hired
1/2015 Immokalee Accelerator Soft-Opening
4/2015 Immokalee Grand Opening
Collier County Accelerator Business Plan 28
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