Council to consider lease allowing LEED to run downtown incubator at 500 Broadway

City leaders discussed a draft lease to locate Lincoln Economic Advancement and Development Inc. (LEED) at 500 Broadway as a downtown business incubator and one-stop resource for new and small businesses.

Mayor Tracy L. Welch said early discussions indicated LEED would be a good fit to staff and operate the incubator function. Staff proposed removing a $150-per-month rent charge so LEED can provide services without a non‑recoverable lease fee; the mayor said the city already provides support to LEED in the budget and that continuing that support will help economic development.

Andrea Serangi, speaking for LEED, said the organization has developed a partnership with the city over nearly five years and that LEED has an ICJA grant (referred to in the packet) that will fund the hire of an executive assistant to staff the incubator. Serangi described the plan for in‑person intake, mentoring and an option for incubator tenants to contribute a portion of net income toward rent rather than paying full fair‑market rent. She asked the council to consider internet access and other in‑kind supports that would make a downtown move feasible.

Council members asked for details about the planned assistant and operational costs; Serangi said the grant allows for the position and that LEED’s primary funding remains local donations. The committee agreed to place the draft lease on the regular agenda so council can act next week; staff also noted plans to bring internet service to the building and to explore absorbing some internet costs through incubator occupiers.