City of Columbus - File #: 0621-2011

• File #: 0621-2011
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 4/13/2011
• In control: Development Committee
• On agenda: 5/2/2011
• Final action: 5/4/2011
• Title: 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 authorize the expenditure of $500,000.00 from the General Fund; and to declare an emergency. ($500,000.00)

Date	Ver.	Action By	Action	Result
5/4/2011	1	CITY CLERK	Attest
5/3/2011	1	MAYOR	Signed
5/2/2011	1	Columbus City Council	Approved	Pass
5/2/2011	1	COUNCIL PRESIDENT	Signed
4/15/2011	1	Finance Reviewer	Reviewed and Approved
4/15/2011	1	FINANCE DIRECTOR	Reviewed and Approved
4/15/2011	1	Dev Drafter	Sent for Approval
4/15/2011	1	Auditor Reviewer	Reviewed and Approved
4/15/2011	1	CITY AUDITOR	Reviewed and Approved
4/15/2011	1	Dev Drafter	Sent for Approval
4/15/2011	1	CITY ATTORNEY	Reviewed and Approved
4/15/2011	1	Dev Drafter	Sent to Clerk's Office for Council
4/14/2011	1	Finance Reviewer	Reviewed and Approved
4/14/2011	1	Finance Reviewer	Reviewed and Approved
4/13/2011	1	Dev Drafter	Sent for Approval
4/13/2011	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
4/13/2011	1	Dev Drafter	Sent for Approval

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 (ESP) 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 is allocating $500,000 towards this initiative in the form of administrative costs associated with the Entrepreneurial Signature Program.

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 ordinance authorizes the use of $500,000 of General Funds to contract with TechColumbus for that purpose.

Emergency action is requested to avoid an interruption in the delivery of program services.

FISCAL IMPACT: This legislation authorizes the expenditure of $500,000 from 2011 General Fund monies.


Title

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 authorize the expenditure of $500,000.00 from the General Fund; and to declare an emergency. ($500,000.00)


Body

WHEREAS, TechColumbus is a partnership working to provide the catalyst for technology-based economic development in Columbus and Central Ohio; and

WHEREAS, TechColumbus led a successful regional proposal to the State of Ohio to secure $15 million over four years (ESP Progr...