Explanation
BACKGROUND:
TechColumbus is a non-profit organization dedicated to providing a catalyst for technology-based economic development in Central Ohio. To that end, TechColumbus led a successful regional proposal to the State of Ohio, to secure $15 million over four years for the Entrepreneurial Signature Program which will accelerate the creation and growth of new technology companies. The ESP program includes early stage capital to meet the needs for pre-seed capital for Ohio start-up technologies companies. A 1-to-2 funding match was required as a condition of the ESP. The City of Columbus committed $188,000 in 2007, 2008, 2009 and 2010 as their portion of the match. In 2011 the City of Columbus allocated $500,000 towards this initiative in the form of administrative costs associated with the Entrepreneurial Signature Program. The City wishes to continue this level of contribution for 2012.
This legislation authorizes the Director of Development to enter into an agreement with TechColumbus for the purpose of supporting efforts to attract and grow technology businesses through the Entrepreneurial Signature Program. This legislation also authorizes the expenditure of $500,000 of General Funds to contract with TechColumbus for that purpose.
Emergency action is requested to continue the administration of the above activity without interruption.
FISCAL IMPACT:
This legislation authorizes the expenditure of $500,000 from the General Fund, $62,000 of which is transferred from the Jobs Growth Fund.
Title
To authorize the appropriation of $62,000.00 within the Jobs Growth Fund; to authorize the transfer of $62,000.00 from the Jobs Growth Fund to the General Fund; to authorize the appropriation of $62,000.00 from the General Fund to the Department of Development; to authorize the Director of the Department of Development to enter into a contract with TechColumbus for the purpose of administering the Entrepreneurial Signature Program; to authorize the expenditure of $500,000.00 from the General Fund; and to declare an emergency. ($500,000.00)
Body
WHEREAS, TechColumbus is a partnership working to provide the catalyst for technology-based economic development in Columbus and Central Ohio; and
WHEREAS, TechColumbus led a successful regional proposal to the State of Ohio to secure $15 million over four years (ESP Program) to accelerate the creation and growth of new technology companies in Central Ohio; and
WHEREAS, the Entrepreneurial Signature Program (ESP) required a 1-to-2 funding match from regional partners; and
WHEREAS, the City of Columbus provided $188,000 for years one, two, three and four of the ESP program; and
WHEREAS, the City of Columbus desires to continue support of the Entrepreneurial Signature Program by allocating $500,000 in administrative costs associated with ESP; and
WHEREAS, an emergency exists in the usual daily operation of the City in that it is immediately necessary to enter into contract with TechColumbus to continue the administration of the above activity without interruption, all for the preservation of the public health, peace, property, safety and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That from the unappropriated monies in the Jobs Growth Fund, Fund No. 015, and from all monies estimated to come into said Fund from any and all sources for the period ending December 31, 2012, the sum of $62,000.00 is hereby appropriated to the City Council, Division No. 20-01, Object Level One - 10, Object Level Three -5501, OCA 200115.
Section 2. That the City Auditor be and is hereby authorized and directed to transfer $62,000 from the Jobs Growth Fund to the General Fund, as follows:
From: Jobs Growth Fund, Fund No. 015, City Council, Dept. No. 20-01, OCA 200115, Object Level One - 10, Object Level Three - 5501
To: General Fund, Fund No. 010, Department of Development, Economic Development, Dept. No. 44-02, OCA 440314, Object Level One - 03, Object Level Three -0886
Section 3. That from the unappropriated monies in the General Fund, Fund No. 010, and from all monies estimated to come into said Fund from any and all sources for the period ending December 31, 2012, the sum of $62,000 is hereby appropriated to the Department of Development, Economic Development Division, Dept. No. 44-02, Object Level One - 03, Object Level Three - 3337, OCA 440314.
Section 4. That the Director of the Department of Development is hereby authorized to enter an agreement with TechColumbus for the purpose of supporting its role as the region's Lead Applicant agency, responsible for administering ESP grant funding.
Section 5. That the expenditure of $500,000.00 or so much thereof as may be necessary, be and is hereby authorized to be expended from the Department of Development, Economic Development Division No. 44-02, Fund 010, Object Level One - 03, Object Level Three - 3337, OCA 440314.
Section 6. That this contract is awarded pursuant to Section 329.15 of the Columbus City Codes, 1959 as amended.
Section 7. That for the reasons stated in the preamble hereto which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.