Explanation
BACKGROUND
The 2022 Downtown Strategic Plan, adopted by Resolution No. 0164X-2022, recommends: making downtown a “thriving and attractive place to work” by: (1) reinforcing the value of downtown as the economic engine of the city and region; (2) adding and occupying Class A office space; (3) working with institutions to better integrate campuses into downtown; and (4) supporting small business education and training programs. Rev1 Ventures (“Rev1”) is a not-for-profit corporation that is a seed stage venture development organization that combines investment capital and strategic services to help entrepreneurs build products that people want and companies that succeed. Rev1 is currently located in two separate sites in Columbus at 1590 N. High Street, Suite 200 within the University Area Commission and 1275 Kinnear Road within the 5th by Northwest Area Commission with limited space for future expansion to increase the number of start-up and growth companies subleasing space from Rev1. Since 2007, the City has provided annual financial support for several of Rev1’s programs including providing early-stage capital to meet the needs for pre-seed capital for Ohio start-up and growth technology companies some of whom are co-located with Rev1. The parties desire to enter in a memorandum of understanding (the “MOU”) outlining the parties’ respective commitments to implement the 2022 Downtown Strategic Plan. With financial support from the City’s future operating budgets, the MOU proposes Rev1 relocating its operations and staff to a downtown campus (the “Rev1 Downtown”) in order to reinforce the value of downtown as the economic engine of the city and region but also to allow start-up and growth companies who could not otherwise afford to rent Class A office space in downtown to have that opportunity within the Rev1 Downtown. This Ordinance authorizes the Director of Development to enter into the MOU.
Fiscal Impact: No funding is required for this legislati...
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