1. Murrieta Regional Technology Innovation Center Staff Presentation to City Council February 7, 2012

2. Background Economic Development as High Priority Focus: Growth of Technology Business Most jobs created by startup companies Murrieta markets to tech companies: SD/OC/LA Need for low cost space for tech startups as incentive

3. Background Objective – create site for multiple tech startup companies – former City Hall Tenants pay utilities; provide own computers, cell phones etc. Innovation Center starts with smaller space in former City Hall; grows as demand/parking available Includes mentoring space

4. Background Regional focus Space is for small startup tech firms with multiple employees Differs from services provided by Co-Working Connection which focuses on individuals in variety of businesses Creates reputation that Murrieta/region welcomes tech startups

5. Background Center to be actively marketed in SD/OC/LA Selected tenants must have potential to grow Letter agreements by City Manager with performance goals/timeframe at Center At end of term, firms move to private space Locally-driven economic development

6. Recommendation Authorize City Manager to establish Innovation Center and enter into letter agreements with selected start-up tech businesses and mentors