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 authoriz...
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