City of Columbus - File #: 1582-2006

• File #: 1582-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/7/2006
• In control: Jobs and Economic Development Committee
• On agenda: 9/11/2006
• Final action: 9/14/2006
• 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).

Date	Ver.	Action By	Action	Result
9/14/2006	1	CITY CLERK	Attest
9/13/2006	1	MAYOR	Signed
9/11/2006	1	Columbus City Council	Approved	Pass
9/11/2006	1	COUNCIL PRESIDENT PRO-TEM	Signed
9/8/2006	1	CITY ATTORNEY	Reviewed and Approved
9/8/2006	1	Council Drafter	Sent to Clerk's Office for Council
9/8/2006	1	CITY CLERK (approver)	Reviewed and Approved
9/7/2006	1	Council Drafter	Sent for Approval
9/7/2006	1	Auditor Reviewer	Reviewed and Approved
9/7/2006	1	CITY AUDITOR	Reviewed and Approved
9/7/2006	1	Council Drafter	Sent for Approval

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 deve...