Incubator returns money to Longmont

LONGMONT – The Longmont Entrepreneurial Network and the city of Longmont severed financial ties this week because of a conflict of interest.

Alex Sammoury, the network’s executive director, recently was elected to the city council causing a conflict of interest because the city helps fund the startup incubator. Because of it, Sammoury returned the $45,000 that the city of Longmont invested this year.

Sammoury said he’s in the process of converting LEN to a 501 c (3) organization that would allow it to apply for various entrepreneur-supporting grants. Those potential grants combined with community support makes him confident that the organization will make up for the lost income.

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“I’m confident that we’ll be able to cultivate that support,” he said. “If we didn’t have such strong support all along I would be concerned.”

Gordon Pedrow, Longmont’s city manager, said the city has terminated contracts during his 16 years with the city, but not involving a conflict of interest with a council member.