Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into contract with the Business Technology Center (BTC) in the amount of $29,000. These funds will support the business formation and technology initiatives driven by TechColumbus.
The BTC is a "one-stop" operation for new business start-ups in central Ohio and Columbus. During its 20 years of operation, the BTC has graduated 60 companies, with 75 percent of these businesses still in operation. The success of BTC companies resulted in the creation of more than 250 new jobs in information technology, biosciences and advanced materials. These jobs bring an estimated $250,000 in new income tax per year. In the last four years more than $30 million was invested in BTC client companies to spur their growth and development.
The City does not have the in-house capacity to provide this service, a service that requires a high degree of technical specialization.
Emergency action is requested to allow these vital program services to continue without interruption.
FISCAL IMPACT: The 2005 General Fund Budget appropriated $92,464.00 for support of technology agencies. $62,892 of this amount was authorized by Ordinance No. 1765-2005 for The Science and Technology Campus Corporation (SCITECH).
Title
To authorize the Director of the Department of Development to enter into contract with the Business Technology Center; to authorize the expenditure of $29,000.00 from the General Fund; and to declare an emergency. ($29,000.00)
Body
WHEREAS, the Director of the Department of Development desires to enter into contract with the Business Technology Center to support the Business Formation and Technology Initiatives being driven by TechColumbus; and
WHEREAS, the BTC is a "one-stop" operation for new business start-ups in central Ohio and Columbus; and
WHEREAS, the Business Technology Center accelerates the formation of investable, sustainab...
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