Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a grant agreement with Rev1 Ventures, a not-for-profit entity, in an amount up to $250,000.00 for the purpose of supporting efforts to attract and grow technology businesses through the Entrepreneurial Signature Program. Funding will be advanced to the agency on a predetermined schedule.
Rev1 Ventures, formerly known as TechColumbus, is a seed stage venture development organization that combines investment capital and strategic services to help entrepreneurs build products that people want and companies that succeed. Rev1 Ventures led a successful regional proposal to the State of Ohio to secure $18.7 million for the Entrepreneurial Signature Program (ESP) which accelerated the creation and growth of new technology companies in Central Ohio. The ESP Program includes early-stage capital to meet the needs for pre-seed capital for Ohio start-up technology companies. A 1-to-2 funding match was required as a condition of the ESP Program. The City of Columbus provided $188,000.00 in 2007, 2008, 2009 and 2010 as their portion of the match. In 2011, 2012, 2013 and 2014, the City of Columbus provided $500,000.00 respectively, towards this initiative in the form of administrative costs associated with the program. In 2015, 2016, and 2017, the City of Columbus contributed $450,000.00 to the program. In 2018, 2019, 2020, 2021, 2022, 2023, 2024, and 2025, the City of Columbus contributed $250,000.00 to the program. The City wishes to contribute $250,000.00 in 2026.
FISCAL IMPACT: Funding in an amount up to $250,000.00 for this agreement is available within the Neighborhood Economic Development fund.
CONTRACT COMPLIANCE: The vendor’s contract compliance number 011852 and expired on 07/08/2026. The vendor will be contract compliant prior to the passage of this ordinance.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with Rev1 Ventures, a not-for-profit entity, for the purpose of administering the Entrepreneurial Signature Program; to authorize the appropriation and expenditure in an amount up to $250,000.00 within the Neighborhood Economic Development fund, and to authorize the advancement of funding on a predetermined schedule. ($250,000.00)
Body
WHEREAS, Rev1 Ventures, a not-for-profit entity, formerly known as TechColumbus, is a seed stage venture development organization that combines investment, capital, and strategic services to help entrepreneurs build products that people want and companies that succeed; and
WHEREAS, Rev1 Ventures, led a successful regional proposal to the State of Ohio to secure $18.7 million 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 $188,000.00 in 2007, 2008, 2009 and 2010 for the program; and
WHEREAS, the City of Columbus provided $500,000.00 in 2011, 2012, 2013 and 2014 for the program; and
WHEREAS, the City of Columbus provided $450,000.00 in 2015, 2016 and 2017 for the program; and
WHEREAS, the City of Columbus provided $250,000.00 in 2018, 2019, 2020, 2021, 2022, 2023, 2024, and 2025 to fund administrative cost associated with the program; and
WHEREAS, funding will be advanced to the agency on a predetermined schedule; and
WHEREAS, the appropriation and expenditure in an amount up to $250,000.00 is needed to continue to support this agency;and
WHEREAS, it is necessary in the usual and daily operations of the Department of Development to authorize the Director to enter into a grant agreement in an amount up to $250,000.00 with Rev1 Ventures for the purpose of administering the Entrepreneurial Support Program in the City of Columbus; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development is hereby authorized to enter into a grant agreement with Rev1 Ventures, a not-for-profit entity, in an amount up to $250,000.00 for the purpose of supporting its role as the region’s Lead Applicant Agency, responsible for administering the Entrepreneurial Signature Program grant funding, and is authorized to advance funds per a schedule to be included in the agreement.
SECTION 2. That for the purpose stated in Section 1, the appropriation and expenditure in an amount up to $250,000.00, or so much thereof as may be needed, is hereby authorized in Fund 2237 (Neighborhood Economic Development fund), Dept-Div 4402 (Economic Development), in Object Class 05 (Other Expenditures) per the accounting codes in the attachment to this ordinance.
SECTION 3. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 4. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 5. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.