Title
To support Central Ohio's application for Third Frontier Project funds and to support TechColumbus' efforts as the region's Lead Applicant and program administrator, and to declare an emergency.
Body
WHEREAS, the Ohio Department of Development has invited applications for grants to be awarded under the Third Frontier Project, an Ohio voter-approved bond program designed to increase technology-based entrepreneurial commercialization outcomes and to focus on technology-based sectors offering important economic development prospects; and
WHEREAS, $15 million is available per each of six regions across the state over a three-year period 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; and
WHEREAS, Central Ohio is already working on several endeavors that are consistent with Third Frontier objectives-including the City's collaboration with The Ohio State University, Battelle, and others to develop the 315 Technology + Research Corridor-designed to help the region become preeminent in creating, promoting and sustaining innovation-focused, technology-based businesses that produce long-term economic prosperity, and
WHEREAS, because many experts predict that the United States will suffer a severe labor shortage by 2025, suggesting that innovative companies will need to locate where highly skilled, technologically efficient workers exist if they wish to be competitive and successful in the future; it is imperative that Central Ohio position itself to be considered as one of the nation's most attractive "smart capital" enclaves in the future by working to attract and retain what is currently the nation's second largest post-secondary education population; and
WHEREAS, ESP Program funds can provide critical assistance in helping Central Ohio achieve that status; 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, in addition to the City of Columbus, Upper Arlington, New Albany, Grandview, and Dublin will provide matching funds, and
WHEREAS, TechColumbus, serving as the region's Lead Applicant agency, will be responsible for administering ESP funding; and
WHEREAS, an emergency exists in the usual daily operation of the City in that it is immediately necessary to pass this resolution as an emergency measure so that the application for funds may move forward at the earliest possible time, and that this is for the same reason necessary for the immediate preservation of the public peace, property, health or safety; now, therefore,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That this Council does hereby support the Central Ohio Region's application for Third Frontier funding under the Entrepreneurial Signature Program (ESP) and the ESP Pre-Seed Fund; and
Section 2. That the City is committed to joining other local partners including Dublin, Upper Arlington, New Albany, and Grandview, as a co-funder to match Entrepreneurial Signature Program funding; and
Section 3. That the City supports the efforts of TechColumbus in its role as Lead Applicant for Entrepreneurial Signature Program funding and program administrator.
Section 4. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this resolution is hereby declared to be an emergency measure and shall take effect and be in force from and after its adoption and approval by the Mayor, or ten days after adoption if the Mayor neither approves nor vetoes the same.