HomeMy WebLinkAboutIR 179 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 22-179
To the Mayor and Members of the City Council December 6, 2022
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*a SUBJECT: FORT WORTH TARRANT COUNTY INNOVATION PARTNERSHIP
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The purpose of this Informal Report is to provide an overview of the creation of an entity to assist with the
synchronization and success of the Texas A&M System Research and Innovation Hub which consists of the
new Texas A&M Law & Education building and two additional Texas A&M occupied buildings
("Innovation Hub") and surrounding district-wide vision. This entity will serve as a point of coordination
between the project's developer(s), Texas A&M University System ("TAMUS"), corporate tenants, and
local stakeholders to maximize the impact of the collaboration between the City of Fort Worth (City) and
Tarrant County (County), local industries and top research, education, and workforce training assets of the
Texas A&M system.
Overview
The Innovation Hub will be a major opportunity for economic development and growth in the City and
County through intentional integration and planning. The City and County in collaboration with TAMUS is
currently in developer procurement for the Gateway Building and Innovation and Research Building, and
TAMUS is soliciting design partners for the Law and Education Building. Developers are expected to be
selected by early 2023.
The entity, the Fort Worth Tarrant County Innovation Partnership (FWTCIP), a non-profit corporation,
would serve as the point of contact for the multiple stakeholders involved in this project, with a mission
focused on:
■ Integration of partners for campus development;
■ Commercialization of Innovation Hub research; e TAMUS
■ Leveraging TAMU investment for tenant/partner
County
recruitment;
■ Planning for the future of the A&M Innovation
Hub and surrounding district-wide vision; Proposed
Coordinating engagement of partners and the i w Entity
community; and Chamber
■ Securing local and regional philanthropy to help
support the TAMUS Urban Campus development
There is opportunity for the entity to spark a vibrant innovation district that attracts world-class tenants and
partners, creates partnerships between TAMUS, the City, County, and corporate tenants which builds a
thriving downtown innovation ecosystem. FWTCIP will serve as a dedicated organization that works on a
daily basis to ensure the overall success and maximize the development of the Innovation Hub and
surrounding area.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 22-179
To the Mayor and Members of the City Council December 6, 2022
Page 2 of 2
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*a SUBJECT: FORT WORTH TARRANT COUNTY INNOVATION PARTNERSHIP
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Entity Setup
To leverage existing resources, it is expected the City and County will utilize the current and mostly
inactive Fort Worth Now non-profit corporation by legally amending it to become the FWTCIP, retaining
Jarratt Watkins, the current Executive Director of Fort Worth Now to assist with modifying the legal name,
amending the bylaws with its new purpose, working with the IRS to ensure continued 501(c)(3) status, and
creating a new board of directors. The new board of directors will be led by the City and County
appointees (John Goff has agreed to serve on the FWTCIP board.) A contract between the City, County,
and the FWTCIP will contain a list of defined services with measurable and specific milestones that
support the shared vision of successful development of the Innovation Hub and surrounding area.
Budget
The anticipated cost of the services to be provided by the FWTCIP is approximately $4M over a four year
period. Funds will be used for marketing, community engagement, business recruitment, tech
transfer/incubation expertise, technical assistance, among other services. Tarrant County has agreed to
match the City's investment into the FWTCIP in an amount up to $2M. It is proposed that the City portion
will come from the already set aside $5.0 million in ARPA funding dedicated to the Innovation Hub.
For questions regarding this information, please contact Carlo Capua at 817-392-6363.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS