The North Texas Enterprise Center—NTEC Inc.—in Frisco will cease operations as of Feb. 28. On Wednesday night, the Frisco Economic Development Corp. board of directors approved a consulting and property management agreement with Frisco-based Launch Pad City LLC. The agreement is for the company to take over operations of the entrepreneurial program operating in a 50,000-square-foot building at 6170 Research Road that NTEC has been managing since 2008. Launch Pad City LLC will assume operational and program responsibilities beginning March 1. The term of the agreement is 12 months with an option to renew. "We're excited to get started and we have a really good vision to take the program to the next level," Launch Pad City co-founder Brian Dick said Wednesday night at an FEDC meeting. NTEC has operated in Frisco as a nonprofit organization since 2002 in partnership with the city of Frisco and the FEDC. NTEC originally served as a medical device/bio-life science incubator. In 2013, NTEC shifted its focus to become an innovation center to help entrepreneurial companies. The consulting and property management agreement between NTEC and FEDC will also expire on Feb. 28. According to the FEDC, the agreement with Launch Pad City allows Frisco’s entrepreneurial program to continue with minimal disruption for more than a dozen companies with operations based in that building. “Business formation is one the four goals of our comprehensive economic strategy, and having a program to foster entrepreneurship will continue to be a priority for Frisco,” FEDC President Jim Gandy said in statement. “Launch Pad City’s expertise and connections will be an asset for the entrepreneurial center. A smooth transition in management will allow the program companies to continue their innovative work with limited impact.” A meeting with current companies in the building will be scheduled within the next week to explain the transition in management.