University officials plan to announce the opening of a new entrepreneurship initiative at an event featuring Mayor Rahm Emanuel this morning.

According to a press release from the Office of Civic Engagement, Emanuel and President Robert Zimmer will both appear at the event, beginning at 10 a.m. at East 53rd Street and South Harper Avenue, the future site of the Chicago Innovation Exchange.

A partnership between the University and the City of Chicago, it will serve as an incubator for both University-affiliated and Chicago-based entrepreneurs. According to the Sun-Times, the initiative aims to turn five to 10 business ideas into working start-ups in a year. It will be housed in two buildings, the Harper Theater and the forthcoming Harper Court complex.

The incubator will combine resources from various parts of the University, including Argonne, Fermilab, and the Booth School of Business. It is another portion of the University’s 53rd Street development as well as a contribution to the City of Chicago’s efforts to make the city a hub for tech start-ups.