Murrieta Regional Technology Innovation Center

Staff Presentation to City CouncilFebruary 7, 2012

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

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

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

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

Recommendation

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