Explanation
The Ohio Department of Development has invited applications for grants to be awarded to support Entrepreneurial Signature Program (ESP) services and an ESP Pre-Seed Fund to meet the need for early stage capital through the establishment of professionally managed, pre-seed capital investment funds to Ohio start-up technology companies primarily in the imagining and incubating stages. ESP Program funds require a 1-to-2 regional match, meaning full funding could pump $22.5 million into the local economy to increase technology-based entrepreneurial commercialization initiatives.
The Central Ohio Region will make application for Third Frontier funding under the Entrepreneurial Signature Program (ESP) and the ESP Pre-Seed Fund. This ordinance appropriates $188,000 of Jobs Growth Initiatives funding as part of a four-year commitment to provide $750,000 to TechColumbus for the purpose of supporting its role as the region's Lead Applicant agency, responsible for administering ESP grant funding. In addition to Columbus, other jurisdictions providing matching funds will include Upper Arlington, New Albany, Grandview, and Dublin.
City Council amended the 2005 and 2006 budgets to create a $2 million Job Growth Initiatives Fund to help create more jobs for Columbus residents. The focus on job growth is a primary policy objective of both Council and the Mayor. The City has used Jobs Growth Initiatives funds to promote specific initiatives that attract more research and knowledge-based companies into the city. A major effort here has been the 315 Research + Technology Corridor project launched in 2005. This project takes advantage of the intense grouping of world-class research, science and technology institutions and companies that exist along the State Route 315.
The Corridor concept relies on interaction among community, government, business, industry, and academia whereby quality research and training in higher education institutions is used to develop, attract and retain knowledge-based, high-technology companies, in order to create high paying jobs for Columbus residents. Third Frontier funds will help the City continue the Corridor project.
FISCAL IMPACT:
The funding for this contract will draw from the $2 million Job Growth Initiative Fund established by City Council.
Title
To authorize the appropriation of $188,000 within the Jobs Growth Initiatives Fund to the Development Department; to authorize the Director of the Department of Development to enter into an agreement with TechColumbus for the purpose of supporting its role as the region's Lead Applicant agency, responsible for administering Entrepreneurial Signature Program grant funding, related to the 315 Research + Technology Corridor; to authorize the expenditure of $188,000 from the Jobs Growth Initiatives Fund; and to declare an emergency ($188,000.00).
Body
WHEREAS, City Council amended the 2005 and 2006 budgets to create a $2 million Job Growth Initiatives Fund to create more jobs for its residents and attract more research and knowledge-based companies into the city; and
WHEREAS, an intense grouping of world-class research, science and technology institutions and companies exist along the State Route 315, and it is imperative that Columbus position itself as one of the nation's most attractive "smart capital" enclaves by working to attract and retain what is currently the nation's second largest post-secondary education population; and
WHEREAS, the Ohio Department of Development has invited applications for grants to be awarded under the Third Frontier Project, including the Entrepreneurial Signature Program (ESP), to increase technology-based entrepreneurial commercialization outcomes and to focus on technology-based sectors offering important economic development prospects; and
WHEREAS, ESP Program funds require a 1-to-2 regional match, meaning full funding could pump $22.5 million into the local economy to increase technology-based entrepreneurial commercialization initiatives; and
WHEREAS, Council deems it an appropriate use of the Jobs Growth Initiatives Fund to enter into contract with TechColumbus to support its administrative role in the use of Entrepreneurial Signature Program funds to help promising entrepreneurs as part of an overall effort to promote the 315 Research + Technology Corridor; and
WHEREAS, contract deliverables shall require TechColumbus to annually identify at least five promising, emerging entrepreneurs, to provide coaching and mentoring services, access to resources, and to identify private sector matching funds; and
WHEREAS, an emergency exists in the usual daily operation of the City in that it is immediately necessary to appropriate funds and enter into contract with TechColumbus 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 the City Auditor is hereby authorized and directed to appropriate $188,000 in the Jobs Growth Fund, Fund 015 to the Development Department, Economic Development Division, Division No. 44-02, Object level One 03, Object level Three 3337, OCA Code 440215.
Section 2. 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, related to the 315 Research + Technology Corridor, and to expend $188,000.00 or so much as may be necessary.
Section 3. That this contract is awarded in accordance with Chapter 329.15 of the Columbus City Codes, 1959.
Section 4. 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 of the Mayor neither approves nor vetoes the same.