Indoor Harvest Corp (OTCQB:INQD), through its brand name Indoor Harvest™, is a design build co

Indoor Harvest Corp (OTCQB:INQD), through its brand name Indoor Harvest™, is a design build contractor, developer, marketer and direct-seller of commercial grade aeroponic and hydroponic fixtures and supporting systems for use in urban Controlled Environment Agriculture and Building Integrated Agriculture. The Company is pleased to provide an update on the Pasadena, Texas Community Located Agricultural Research Area (“CLARA”) project.On March 31, 2015 the Company announced the signing of a LOI with the City of Pasadena, Texas to fund the establishment and provisioning of an indoor agricultural facility (vertical farm) to be located in Pasadena, Texas. Under the LOI, the City was to provide Indoor Harvest, or a partner of their designation with City approval, with two facilities owned by the City for the sum of ten dollars($10.00) per annum for a period not to exceed twenty (20) years as well as provide tax abatements on these properties for use in a CLARA project. In addition, the Pasadena Second Century Corp. (economic development entity for the City of Pasadena) has been asked by City officials to consider a budgetary proposal of $500,000 as seed money for the project’s economic development portion in north Pasadena.Mr. Chad Sykes, Chief Executive Officer of Indoor Harvest, stated, “We’ve received a timeline for the project through the City. We’re currently in the final stages of drafting the MOU and expect to be in a position to begin work on the project as soon as August, based on the timeline provided by the City. All of the parties involved are working together to create an agriculture campus in Pasadena that we hope will become a model for the rest of the nation. By combining agricultural research, education and commercial operations in one campus, we’re working to build a foundation to turn North Pasadena into a leader in new, innovative agricultural trends. We’ve also begun discussions with several potential commercial partners and investors interested in locating operations at the CLARA campus. Although we don’t have any binding agreements, interest seems to be significant given the background and history of groups with whom we are discussing the project.”The CLARA project, based on current negotiations, is expected to be divided into two phases. Phase One will focus on developing the non-profit aspects of the project and is envisioned to include the construction of a 6,000 sq. ft. vertical farm R&D facility and 6,000 sq. ft. of classroom and office space.  Phase Two is envisioned to support a commercial retail operation with greenhouses built on approximately two acres of land adjacent to the vertical farm and education centers.www.facebook.com/IndoorharvestRead more -- source link

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